Clay County manufacturer acquired by Connecticut company
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A manufacturer of cryogenic equipment headquartered in Clay County is under new ownership. Brazil-based Technifab Products Inc. has been acquired by industrial manufacturing and technology company Crane Co. in a deal valued at $40.5 million.
Crane, headquartered in Stamford, Connecticut, said in a news release that Technifab’s operation is highly complementary to the company’s existing capabilities in cryogenics.
“Their expertise and capability in manufacturing vacuum insulated pipe systems will greatly enhance our ability to provide a broader suite of solutions across highly attractive end markets,” Crane CEO Max Mitchell said.
Technifab was founded in 1992 by Noel Short and reported 12-month sales of $20 million through September 2024.
The company will join Crane’s Process Flow Technologies business segment, extending Crane’s cryogenics efforts into the semiconductor, medical and pharmaceutical end markets, Crane said.
“I would like to personally thank the Short family for giving Crane the opportunity to acquire this great company, as well as for all their assistance over the last several months familiarizing us with Technifab and its sophisticated and differentiated capabilities,” said Mitchell. “I am also very excited about the opportunities we have to invest further for growth, leveraging Technifab’s core areas of strength together with PFT’s existing cryogenic capabilities.”
Crane did not specify how many employees Technifab has, but Mitchell said his company is welcoming the entire Technifab team to the company.
Multiple requests for more information from Inside INdiana Business were not returned.