Crane Co. (NYSE:CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, has agreed to acquire Merrimac Industries, Inc. (AMEX: MRM), West Caldwell, NJ, a manufacturer of RF Microwave components, assemblies and micro-multifunction modules. The transaction is valued at $52 million, and the agreement has been approved by the boards of directors of both companies.
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\”Merrimac has a strong product platform and a solid customer base for space and military applications that complements Crane’s leading microwave product offerings,\” said Eric Fast, Crane Co. president and CEO. \”We expect this acquisition will have a very slight dilutive impact on our 2010 earnings but will be accretive in 2011.\”
Merrimac Industries, Inc. has 210 employees with facilities in West Caldwell, NJ and San Jose, Costa Rica.