John Crane buys Sealol
15 Jan 2000
TI Group has reached an agreement for its John Crane Group to acquire the Sealol Industrial Division of US-based EG&G for $100 million. At the same time, John Crane is to sell its Belfab business to EG&G for $45 million, with the balance of the transaction being paid in cash by TI.
Sealol is a leading manufacturer of mechanical seals with a primary focus on the high temperature segment of the refining and petroleum industry. As such, its products are complementary to those of John Crane.
Although Sealol's main market has been in the US, TI expects John Crane's worldwide marketing and service capabilities will accelerate the growth of Sealol on a global basis.
Belfab was bought by TI in 1991 for $14.3 million. It is a supplier of specialised metal bellows to the semiconductor industry, which is no longer 'coherent with John Crane's global strategy in mechanical seals', according to TI Group chairman Sir Christopher Lewinton. He commented: 'We are pleased with these transactions. We head into 1998 with John Crane in a strong position.'
