Crane Holdings, Co. Announces Transaction to Divest Legacy Asbestos Liabilities
Retrieved on:
Monday, August 15, 2022
Defense, Chemicals, Plastics, Aerospace, Oil, Gas, Manufacturing, Energy, Contracts, Slate, Simpson Thacher & Bartlett, Hand, Forward-looking statement, NYSE, College of Arts and Sciences, Failure, Growth, SEC, Policy, Investment, Information, Sale, New, Crane Co., Fortress Investment Group, Company, Mission statement, Acquisition, Projection, Skadden, Water, Coronavirus, Payment, Asbestos, Insurance, China Academy of Aerospace Electronics Technology, Solution, Collection, CR, Aerospace, Risk management, Redco Pakistan Limited cricket team, Electronics
The transaction indemnifies Crane for all legacy asbestos liabilities.
Key Points:
- The transaction indemnifies Crane for all legacy asbestos liabilities.
- Max Mitchell, Crane President and Chief Executive Officer stated: Todays announcement provides finality and certainty to investors regarding asbestos obligations, and it removes the distraction of asbestos related risks.
- As a result of the transaction, Crane has removed all asbestos obligations and liabilities, related insurance assets, and associated deferred tax assets from the companys consolidated balance sheet.
- Spruce Lakes capabilities extend to various types of legacy liabilities, but with a particular focus on asbestos related exposures.