Posted by Courtney Howard
STAMFORD, Conn., 3 Feb. 2010. Crane Co., a diversified manufacturer of highly engineered industrial products, announced the successful completion of its tender offer for Merrimac Industries Inc., which expired Tuesday at midnight (EST).
Crane expects to promptly complete the acquisition of Merrimac through a short-form merger. Merrimac Industries, Inc. is a leader in the design and manufacture of RF Microwave signal processing components, subsystem assemblies, and Multi-Mix micro-multifunction modules (MMFM) for the worldwide Defense, Satellite Communications (Satcom), Commercial Wireless and Homeland Security market segments. Merrimac has a strong product platform and a solid customer base for space and military applications that complements Crane's Electronic Group
leading microwave product offerings.
Merrimac has approximately 210 employees and annual
revenues of approximately $30 million. Crane expects Merrimac will have a very slight dilutive impact on the Company's 2010 earnings but will be accretive in 2011.
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