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UPDATE 1-Crane Co to acquire payment solutions business

ATLANTA, Nov 12 (Reuters) - Diversified manufacturer Crane Co on Friday said it would acquire Money Controls, a business near Manchester, England, to bolster its payment solution offerings to the gaming and retail sectors. Crane, whose products also include pumps and aircraft components, said it reached an agreement with CA-MC Acquisition Co to acquire Money Controls, a supplier of coin acceptors and bill validators which employs 350 people. Terms of the acquisition weren't disclosed. Money Controls is expected to have sales of about $62 million this year, and the purchase is subject to antitrust review in Germany, Crane said. The acquisition, which may close by mid-December, is expected to be neutral to 2011 profit but add to Crane's 2012 earnings, the company said. Shares of Crane were off 4 cents to $39.64 in morning trading. (Reporting by Karen Jacobs, editing by Gerald E. McCormick) Keywords: CRANE/ (karen.jacobs@thomsonreuters.com; +1 404 493 3656; Reuters Messaging: karen.jacobs.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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