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LYNNWOOD, Wash. – January 28, 2004 – Crane Co. (NYSE:CR) today announced
the purchase of P.L. Porter Co., a leading manufacturer of motion
control products for airline seating.
Founded in 1947, P.L. Porter Co. (“Porter”) is a privately held company
located in Woodland Hills, California. Porter holds leading positions in
both electromechanical actuation and hydraulic/mechanical actuation for
aircraft seating, selling directly to seat manufacturers and to the
airlines. Hydrolok®, a lineal descendent of Porter’s initial product
developed for seating used on the DC-3, provides the leading solution
for economy class type seats. Electrically powered seat actuation
systems provide motive power and control features required by premium
class passengers on competitive international routes. Porter products
not only provide passenger comfort with seat back and foot rest
adjustment, but also control advanced features such as lumbar support
and in-seat massage. In addition to seats installed in new aircraft,
airlines refurbish and replace seating several times during an
aircraft’s life along with maintenance and repair requirements. Porter’s
2003 annual sales were approximately $32 million.
Porter will provide the core for a new solution set provided by Crane
Aerospace & Electronics – Passenger Systems. This new solution set will
bring to bear Crane Aerospace & Electronics’ electronic, electric,
sensor and motion control capabilities on passenger service
applications.
Crane Co. paid an all-cash purchase price of approximately $45 million.
Other terms were not disclosed.
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