CR - Crane to sell Engineered Materials business updates guidance

Crane (CR) agrees to sell its Engineered Materials segment to Grupo Verzatec S.A. de C.V. for $360M, and says its Fluid Handling segment has been renamed Process Flow Technologies.Citing the continued strength across its businesses, Crane says it is maintaining guidance for full-year adjusted EPS of $5.65-$5.85 despite the exclusion of ~$0.44 of EPS contribution from Engineered Materials that had been included in prior guidance.President and CEO Max Mitchell says Crane is "at an inflection point for accelerating growth," and the company expects core sales compound annual growth rate of 7%-9% in its Aerospace and Electronics business over the next decade.

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Crane to sell Engineered Materials business, updates guidance