Crane Co. (CR) to Divest Legacy Asbestos Liabilities

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Go back to Crane Co. (CR) to Divest Legacy Asbestos Liabilities

Crane Holdings, Co. Announces Transaction to Divest Legacy Asbestos Liabilities

August 15, 2022 4:30 PM EDT

Key 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 deployment

STAMFORD, Conn.--(BUSINESS WIRE)-- Crane Holdings, Co.... More