Neenah Paper recently announced it will acquire the technical materials division from Crane & Co. for $72 million.
The agreement includes $64 million for the business and $8 million in future cash tax benefits Neenah Paper will receive as a result of the transaction.
Crane Technical Materials, with annual sales of about $50 million, has two manufacturing operations in Pittsfield. It provides performance-oriented wet laid nonwovens media for fast-growing filtration end markets as well as environmental, energy and industrial uses.
“This acquisition clearly fits our strategy of expanding in profitable, performance-oriented markets with above-average growth rates, and provides a U.S. filtration presence that nicely complements our German-based filtration business,” John O’Donnell, CEO of Neenah Paper, said in a statement.
