Crane Co., a diversified manufacturer of highly engineered industrial products, announced that it had purchased all of the capital stock of Dixie-Narco, Inc., a manufacturer of can and bottle vending machines, for a purchase price of U.S. $46 million in cash. Dixie-Narco, Inc. is a subsidiary of Whirlpool Corporation.
Dixie-Narco’s office and manufacturing operation is located in Williston, South Carolina, U.S., where it employs approximately 850 people. Dixie-Narco’s 2006 sales are estimated to be approximately $165 million.
Eric Fast, president and CEO of Crane Co., said, “Dixie-Narco manufactures can and bottle vending machines primarily for well-known companies such as Coca-Cola, PepsiCo, and Dr. Pepper/Seven Up. This acquisition expands our vending capabilities from our snack, food and coffee focus and reinforces our position as the industry leader. Dixie-Narco is currently operating at a loss and significant changes to its current business practices will be required to return it to profitability. While these changes will take a number of months to implement, we are confident about the longer term attractiveness of this acquisition.”
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