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What's New At Interpoint - Interpoint Corporation Purchased by Crane
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REDMOND, WA - Interpoint Corporation recently announced the completion of its acquisition by Crane Corporation (NYSE: CR). The definitive merger agreement merged Interpoint’s microelectronics business with Crane while spinning off Interpoint’s data storage business unit, ADIC.
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As a subsidiary of Crane, Interpoint will continue to produce power conversion products for its traditional military, aerospace, space and other markets where size, weight and reliability are critical.
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"Interpoint now enjoys the full financial backing of Crane, which is a $1.8 billion dollar company experiencing growth in the aerospace market," said Dave Uvelli, Senior Vice President and General Manager of Interpoint’s Power Products Division. "Our products complement many of the products produced by other Crane aerospace business units, which creates the potential for providing the military, aerospace and space markets with larger power system solutions in the future."
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Crane Corporation is a diversified manufacturer and distributor of aerospace products, engineered materials, fluid handling products, industrial controls, merchandising systems, and building materials.
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Crane acquired Interpoint in a tax-free stock transaction for $59 million, payable in Crane stock and assumed debt. For each share of Interpoint stock, shareholders received one share of ADIC together with shares of Crane Co. having a value of approximately $4.00 on the date the transaction was completed.
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For further information, please contact Interpoint at (800) 822-8782 or visit Interpoint on the Internet at http://www.interpoint-power.com.
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