STAMFORD, CONNECTICUT - December 1, 1999--Crane Co. (NYSE:CR) announced today that, subject to formal action by its board of directors on December 6, Crane would complete the spin-off of Huttig Building Products by mailing to Crane shareholders on December 16, 1999, one share of Huttig common stock for every 4.5 shares of Crane common stock held of record at the close of business on December 8, 1999. Crane has received a ruling from the Internal Revenue Service that the distribution will be tax-free to Crane and its shareholders. Huttig common stock will be listed on the New York Stock Exchange.
As previously announced, Huttig has agreed to acquire the U.S. building products business of The Rugby Group PLC in exchange for Huttig common stock representing 32 percent of the outstanding shares, for which Rugby would have certain registration rights.
That transaction, which is subject to approval by Rugby shareholders at a meeting to be held on December 6, is also expected to be completed on December 16, 1999.
R. S. Evans, chairman and chief executive officer of Crane, commented: "We look forward to completing the Huttig spin-off with the expectation that the separation of the distribution business from Crane's industrial businesses, and the combination of Huttig and Rugby's U.S. operations, will produce added value for all Crane shareholders."
Crane is a diversified manufacturer of engineered industrial products.