Stamford-based Crane Co., an engineered industrial products maker, has signed an agreement to acquire sensor-based technology company Precision Sensors & Instrumentation (PSI) from Baker Hughes for $1.06 billion
PSI is made up of several subsidiaries: Druck, which makes pressure measurement and calibration instruments; Reuter-Stokes, a maker of harsh environment sensors for power generation; and Panametrics, which produces moisture, oxygen, gas and hydrogen sensors.
PSI is expected to generate 2025 sales of about $390 million, Crane said.
“The bottom line is that PSI is a global leader in highly sophisticated sensor-based technologies for mission critical applications in harsh and hazardous environments,” said Max H. Mitchell, Crane’s chairman, CEO and president.
Druck will be incorporated into Crane’s aerospace and electronics segment, while Reuters-Stokes will join its process flow technologies business and double the size of Crane’s nuclear segment, the company said. The Panametrics business will add ultrasonic flow meter and precision moisture analysis technologies to Crane’s business.
“These businesses are a perfect fit with Crane’s existing portfolio, enhancing our product portfolio and technology capabilities in key target markets including aerospace & defense, nuclear, industrial process sensing, and water and wastewater,” Mitchell said.
He said the acquisition is in line with Crane’s strategy to earn a 10% return on investment capital after five years and maintain yearly revenue growth of 4% to 6% and a 35% operating profit.
Crane expects to fund the acquisition, which is contingent upon regulatory approvals and customary closing conditions, through a combination of cash on hand and additional debt. The acquisition is currently expected to close at the end of 2025 or early 2026.
Crane, which trades on the New York Stock Exchange as CR, edged up 0.21% to $178.05 during Monday morning’s pre-market trading.
