04:53 PM EST, 12/02/2024 (MT Newswires) -- Crane (CR) has agreed to sell its engineered materials division, Crane Composites, to KPS Capital Partners for $227 million, the latter said Monday.

The transaction is expected to close in Q1 2025, KPS Capital said.

Crane Composites manufactures fiberglass-reinforced panels for commercial construction, recreational vehicles, and transportation.