STAMFORD, Conn. (AP) — Industrial manufacturer Crane Co. said Tuesday it bought WT Armatur GmbH & Co. for about $38 million.
The German company makes bellows sealed globe valves, along with specialty valves, for chemical, fertilizer and thermal oil applications, Crane said.
WT Armatur employs 95 people and posted 2010 sales of about $21 million, Crane said.
Crane officials said the addition of WT Armatur will increase and diversify their company's offerings. The acquisition is expected to slightly reduce the company's 2011 profits.
Crane's shares fell 32 cents to $49.24 per share in morning trading.