Aluminium Extrusion and Distribution Limited (AED) and Capral Aluminium paid $124 million for the business. Crane’s in-house counsel, led by Susan Leppinus and Janelle O’Reilly advised on the sale. Addisons Legal acted for AED and Capral Aluminium.

George Loutas and Neil Kandelaars of Phillips Fox advised the Crane Group on the disposal of significant landholdings as part of the transaction.

Loutas said the sale was a significant development for Crane in terms of implementation of its strategic plans for the future. “The sale further reduced the group’s exposure to metal manufacturing, with Crane’s metals division moving from five manufacturing facilities to one facility post completion of this transaction,” he said.

“Also, the proceeds from the sale were used to pay down a substantial proportion of the group’s debt.” The significant reduction of debt and its “strong balance sheet” left Crane in a good position to pursue growth opportunities in Tradelink, Iplex and Crane Distribution New Zealand, Loutas said.