Crane Co., (NYSE:CR) (2.1%) (CR – $83.44 – NYSE) based in Stamford, Connecticut, is a diversified manufacturer of highly engineered industrial products comprised of four business segments: Fluid handling, Aerospace & Electronics, Engineered Materials, and Payments & Merchandising Systems with over 11,000 employees across 26 countries. The company recently acquired Crane Currency, a producer of currency products for more than 200 years and is entrusted by more than 50 central banks to play an integral role in the design and manufacture of their nations’ banknotes. Crane Currency is the fastest growing fully integrated global currency provider and is an excellent complement to Crane Co.’s expanding presence in the currency and payment markets. On May 21, Crane made an offer to acquire CIRCOR (1.1%) for $45 per share or $896 million. On June 17, 2019, Crane commenced a tender offer for all outstanding shares of CIRCOR. On July 8, Crane increased its offer to $48 per share.
From Mario Gabelli (Trades, Portfolio)'s second-quarter 2019 Value 25 Fund commentary.
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