$290M sale of Crenlo finalized
The sale of one of Rochester's largest manufacturers — Crenlo — became official today as a $290 million deal closed.
Crenlo employs about 650 to 680 people at two facilities.
The new owners have said not how this sale could impact Rochester's workers, though local leaders called it a "positive development" when the sale was announced at the start of this month.
Dover Corp., the $5 billion Illinois-based conglomerate that owns Crenlo, sold the Rochester industrial cab and enclosure maker along with Paladin Brands of Iowa to International Equipment Solutions, an affiliate of KPS Capital Partners of New York City.
"We are pleased to announce the completion of the sale of Crenlo and Paladin," said Bob Livingston, Dover's president and CEO in a statement. "While both of these companies have strong market positions, their sale is an important step in Dover's long-term vision of strengthening the portfolio, improving margins and reducing our exposure to construction related end-markets. This transaction also provides additional financial capacity to continue Dover's expansion plans in our key growth spaces through both acquisitions and internal initiatives."
Founded in Rochester in 1951, Crenlo makes cabs for construction and agriculture companies such as Caterpillar and John Deere, as well as electronic enclosures under the EMCOR brand.
Crenlo, which was under the control of independent Minnesota owners for much its 60 years, was acquired as a subsidiary by Dover Corp. in 1999.