Crane Company, headquartered in Stamford, Connecticut, is to sell its Engineered Materials business to KPS Capital Partners for $227 million.

Crane Engineered Materials has manufactured glass fibre composite materials for the construction, interior design and transportation sectors since 1954, pioneering numerous patented technologies over the years.

“This divestiture reflects another important step forward following the numerous actions we have taken over the last few years to simplify our portfolio and focus our resources on our two strategic growth platforms of Aerospace and Electronics and Process Flow Technologies,” said Crane Company president and CEO Max Mitchell. “We have continued to invest in our strategic growth platforms organically, and further strengthened those businesses with strategic acquisitions. Engineered Materials is a great business with leadership positions in the markets in which it operates.”

Crane Company and KPS anticipate closing the transaction in the first quarter of fiscal year 2025 subject to customary closing conditions.

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