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STAMFORD, Conn. - Diversified manufacturer Crane Co. and Emerson Electric Co. on Tuesday announced the sale of their Industrial Motion Control LLC joint venture to DE-STA-CO, a unit of Dover Corp.
Financial terms were not disclosed, but Crane said that as a result of the sale it will receive fourth-quarter after-tax cash proceeds of about $33 million, and record an after-tax gain of $6 million, or 10 cents per share.
Crane shares fell 14 cents to $42.70 in the regular session. Dover shares rose 88 cents, or 2 percent, to $45.45.
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