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Crane Agrees to Buy Payment Systems Manufacturer

Stamford, CT-based Crane Co. (NYSE: CR), a diversified industrial manufacturer, has agreed to acquire the Money Controls business of CA-MC Acquisition Co., Manchester, England. Money Controls, a manufacturer of payment systems and associated products for the gaming, amusement, transportation, and retail markets, is expected to have 2010 sales of about $62 million. Terms of the agreement were not disclosed.

"The Money Controls acquisition will significantly strengthen and broaden our product offering in the Payment Solutions portion of our Merchandising Systems segment," said Eric Fast, president and CEO of Crane Co. "It fits very well within our existing business and allows us to strengthen our position in the gaming and retail sectors of the market, including self-checkout applications."

Money Controls employs 350 people globally.

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