- Product line includes Druck, Panametrics and Reuter-Stokes brands
   - Transaction aligns with Baker Hughes’ ongoing portfolio optimization

Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday an agreement to sell its Precision Sensors & Instrumentation (PSI) product line to Crane Company (NYSE: CR, “Crane”), a diversified manufacturer of engineered industrial products, for a total cash consideration of approximately $1.15 billion.

PSI, part of Baker Hughes’ Industrial & Energy Technology (IET) segment, includes the Druck, Panametrics and Reuter-Stokes brands. These brands manufacture instrumentation and sensor-based technologies to detect and analyze pressure, flow, gas, moisture and radiation across various industries. PSI employs approximately 1,600 people across several manufacturing and service facilities globally. The sale encompasses all assets of the business, including intellectual property, footprint and resources.

This divestiture, along with the recently announced Surface Pressure Control transaction, is aligned with Baker Hughes’ focus on value-creating portfolio management that enhances the durability of earnings and cash flow and enables the company to reallocate capital toward higher-return opportunities using a strategic and disciplined approach to capital deployment.

“This transaction continues the progress we have made in enhancing our strategic focus on IET’s core competencies of rotating equipment, asset performance management, flow control, and decarbonization to continue to drive higher returns, reinforcing our commitment to long-term value for our shareholders,” Baker Hughes Chairman and CEO Lorenzo Simonelli said. “We believe the value realized in this transaction is a testimony to these product lines’ quality and the potential they can achieve as part of Crane.”

Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets.

The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to close at the end of 2025 or early 2026.

Evercore is serving as financial adviser for Baker Hughes on this transaction.

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet.

About Crane Company

Crane Company has delivered innovation and technology-led solutions to its customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two strategic growth platforms, Aerospace & Electronics and Process Flow Technologies. Crane has approximately 7,500 employees in the Americas, Europe, the Middle East, Asia and Australia.