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Stamford, Conn.-based Crane Co. has entered into an agreement to acquire Noble Composites Inc., a composite panel supplier to the recreational vehicle market, for $72 million.
Noble, a privately held company based in Goshen, Ind., employs approximately 155 people. Founded in 2002, Noble had sales of approximately $45 million in the past twelve months.
“Noble Composites is complementary to our fiberglass reinforced plastics business, which has served recreational vehicle manufacturers for years,” said Eric Fast, Crane president and CEO. “Noble’s products broaden our product offering and enhance our ability to serve the RV industry in the years to come. We expect this acquisition will be neutral to our earnings in 2006.”
Crane’s subsidiary, Crane Composites Inc. based in Channahon, Ill., was recently sued by National RV Holdings Inc., Perris, Calif. The motorhome manufacturer claimed that defective materials were used in sidewalls supplied to subsidiary National RV Inc.
Crane Co., which trades on the New York Stock Exchange, services the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets through five divisions with 10,500 employees worldwide.