Crane Holdings, Co. (“Crane,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, announced today that it has divested Redco Corporation (“Redco”), a wholly owned subsidiary that holds liabilities including asbestos liabilities and related insurance assets to Spruce Lake Liability Management Holdco LLC (“Spruce Lake” or “Spruce Lake Liability Management”), a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities. The transaction indemnifies Crane for all legacy asbestos liabilities. At closing, Crane contributed approximately $550 million in cash to Redco, and Spruce Lake made a capital contribution of $83 million. Crane financed its contribution with a combination of short-term debt and cash on hand.
Crane Holdings, Co. Announces Transaction to Divest Legacy Asbestos Liabilities
Aug 15, 2022
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