Crane Co. (CR) to Divest Legacy Asbestos Liabilities
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Crane Holdings, Co. Announces Transaction to Divest Legacy Asbestos Liabilities
August 15, 2022 4:30 PM EDTKey Highlights
Announces sale of subsidiary holding all asbestos liabilities, related insurance assets, and approximately $550 million of cash Buyer is Spruce Lake Liability Management, a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities Transaction permanently removes all asbestos related liabilities and obligations from Cranes balance sheet Will result in stronger annual free cash flow generation due to elimination of asbestos-related payments Creates greater focus on core businesses and value creation through capital deploymentSTAMFORD, Conn.--(BUSINESS WIRE)-- Crane Holdings, Co.... More
