Industrial manufacturing and technology company Crane Company has acquired Technifab for $40.5m in a move that extends the company’s cryogenic capabilities in high-growth semiconductor, medical, and pharmaceutical end markets.
Based in Indiana, Technifab provides vacuum-insulated pipe systems and valves for cryogenic applications. Now acquired, the company will become part of Crane’s Process Flow Technologies (PFT) business segment.
In addition to growing Crane’s PFT business, the purchase also expands its geographical footprint.
Max Mitchell, Chairman of the Board, President, and CEO of Crane Company, added that Technifab’s expertise and capability in manufacturing vacuum-insulated pipe systems will greatly enhance our ability to provide a broader suite of solutions across highly attractive end markets.
He added, “I am excited about the opportunities we have to invest further for growth, leveraging Technifab’s core areas of strength together with PFT’s existing cryogenic capabilities, including those provided by our recent acquisition of CryoWorks in May of this year.”
Crane Company has two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies. The business has approximately 7,500 employees in the Americas, Europe, the Middle East, Asia and Australia.
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