Crane Composites, an RV industry fiber-reinforced composite material supplier, was sold to KPS Capital Partners, LP. The transaction was completed Jan. 1, 2025.
Crane Co.’s sale of its Crane Composites division was expected to close in the first quarter of fiscal 2025. The company announced the sale price was $227 million. Crane Co. received net proceeds of $208 million on Jan. 2 from the sale.
In Crane Co.’s fiscal 2024 financial results, released Tuesday, Crane Composites and the rest of Crane’s Engineered Materials business posted income, net of tax, of $26.5 million for the year. In the fiscal fourth quarter, the division posted income, net of tax, of $10.7 million.
The income total was down 67% for the year, although fiscal fourth-quarter income rose 46% from the fiscal fourth quarter of 2023.
Earnings per share totaled 45 cents for fiscal 2024 and 18 cents for the fiscal fourth quarter of 2024.
Crane Composites, headquartered in Channahon, Illinois, operates four U.S. manufacturing facilities and employs about 430 workers. The company manufactures exterior RV sidewall panels in various thicknesses, colors and sizes.
