December 5, 2017 / 10:19 PM / 12 days ago

BRIEF-Diversified Industrial Crane Co. To Acquire Crane & Co Inc For $800 Million

Dec 5 (Reuters) - Crane Co:

* DIVERSIFIED INDUSTRIAL CRANE CO. TO ACQUIRE BOSTON-BASED CRANE & CO., INC. (“CRANE CURRENCY”) FOR $800 MILLION

* - INITIAL 2018 EARNINGS GUIDANCE IS $4.85-$5.05 PER DILUTED SHARE, EXCLUDING ANY POTENTIAL IMPACT FROM PENDING ACQUISITION OF CRANE CURRENCY

* - ACQUISITION EXPECTED TO BE ACCRETIVE TO EPS BY $0.15 IN FIRST FULL YEAR POST-CLOSING, INCREASING TO ABOUT $1.00 BY 2021

* - 2018 OUTLOOK INCLUDES A CORE SALES GROWTH ASSUMPTION OF +2% TO +4%

* - EXPECT 2017 EARNINGS OF $4.38-$4.48 PER DILUTED SHARE

* - EXCLUDING TRANSACTION RELATED CHARGES, CONTINUE TO EXPECT 2017 EARNINGS OF $4.45-$4.55 PER DILUTED SHARE

* FY2017 EARNINGS PER SHARE VIEW $4.52 -- THOMSON REUTERS I/B/E/S

* - INTENDS TO FINANCE ACQUISITION THROUGH A COMBINATION OF CASH ON HAND AND ADDITIONAL DEBT

* - WITH THE ACQUISITION, CO EXPECTS TO DELIVER GREATER THAN 10% ADJUSTED EPS GROWTH FOR NEXT SEVERAL YEARS

* - TO BUY CRANE CURRENCY FROM PRIVATE EQUITY FIRM LINDSAY GOLDBERG, MEMBERS OF CRANE FAMILY, AND OTHER SHAREHOLDERS

* FY2018 EARNINGS PER SHARE VIEW $5.03 -- THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:

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