Crane sells unit for $14.2 million

AP News
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Posted: Dec 17, 2009 2:08 PM

Engineered products maker Crane Co. said Thursday that it was selling a subsidiary to IEC Electronics Corp. for $14.2 million.

The unit being sold _ General Technology Corp. _ is also called Crane Electronic Manufacturing Services and makes products mostly for military and defense-related customers. Based in Albuquerque, N.M., it had revenue of $25 million last year.

Crane said the sale will give it a tax benefit of 9 cents per share. That figure isn't included in its full-year earnings guidance offered in late October.

At the time, the Connecticut company said it expected to earn between $1.90 and $2.05 for the full year.

Analysts expect Crane to earn $2.10 per share for the full year.

Crane shares fell 38 cents, or 1.2 percent, to $30.55. Meanwhile, shares of IEC, based in Newark, N.Y., climbed 22 cents, or 6.4 percent, to $3.64.