Neenah Paper sees Crane Technical purchase accretive to earnings by 20c

Neenah Paper announced that it has completed the purchase of Crane Technical Materials from Crane & Co. The company, to be renamed Neenah Technical Materials, provides performance-oriented wet laid nonwovens media for fast growing filtration end markets as well as for environmental, energy and industrial uses. Annual sales of approximately $50M are supported through two manufacturing operations located in Pittsfield, Massachusetts. The purchase price of $72M, comprised of $64M for the business and $8M related to future cash tax benefits, was financed through cash on hand. As previously announced, approximately $2M-$3M of one-time costs are expected in 2014 related to the acquisition. Annual earnings, excluding these one-time costs and benefits of lower cash taxes, are expected to be approximately 20c per share accretive.