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Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported that second quarter sales were $657.7 million, up 4 percent versus the prior-year period. Core sales increased 6 percent.
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Second quarter 2012 operating profit from continuing operations (which includes $14.7 million of repositioning charges) decreased 12 percent to $69.4 million. Excluding repositioning charges, second quarter 2012 operating profit from continuing operations increased 7 percent to $84.1 million.
In June 2012, Crane divested two businesses. Azonix Corporation was sold to Cooper Industries (NYSE: CBE) for $43.4 million. In the first half of 2012, Azonix had sales of $17.1 million. Certain assets and operations of Crane's valve service center in Houston, TX were sold to Furmanite Corporation (NYSE: FRM) for $9.3 million. This service center, formerly part of the Fluid Handling segment, had sales in the first half of $8.4 million.