STAMFORD, Conn. (AP) -- Engineered products maker Crane Co. said Thursday that it was selling a subsidiary to IEC Electronics Corp. for $14.2 million.
The unit being sold -- General Technology Corp. -- is also called Crane Electronic Manufacturing Services and makes products mostly for military and defense-related customers. Based in Albuquerque, N.M., it had revenue of $25 million last year.
Crane said the sale will give it a tax benefit of 9 cents per share. That figure isn't included in its full-year earnings guidance offered in late October.
At the time, the Connecticut company said it expected to earn between $1.90 and $2.05 for the full year.
Analysts expect Crane to earn $2.10 per share for the full year.
Crane shares fell 38 cents, or 1.2 percent, to $30.55. Meanwhile, shares of IEC, based in Newark, N.Y., climbed 22 cents, or 6.4 percent, to $3.64.