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Tomkins PLC, the global engineering group, has sold Lasco Composites, part of its Engineered & Construction Products business group, to Kemlite Company, Inc. for $43.5 million.
Kemlite is a wholly owned subsidiary of Crane Co. (NYSE:CR), the US diversified manufacturer of engineered industrial products. Lasco Composites and Kemlite are manufacturers of fiberglass reinforced plastic (“”FRP””) products for the transportation, building construction and industrial industries. This disposal, which follows an approach by Crane Co., places Lasco Composites into a more focused business grouping with Kemlite.
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