DOJ Pressure Caves $360M Deal For Wall Panel Maker

By Matthew Perlman (May 27, 2022, 7:56 PM EDT) -- Crane Co. has abandoned a plan to unload its engineered materials business in a $360 million deal with construction supply manufacturer Grupo Verzatec ahead of a broader restructuring about two months after the U.S. Department of Justice sued to block the transaction.

The DOJ filed a stipulation of dismissal Thursday in Illinois federal court saying that Mexico-based Verzatec has dropped its proposed acquisition of Crane Composites, a manufacturer of wall panels and other products made from pebbled fiberglass reinforced plastic, or FRP. The agency sued to block the tie-up in Illinois federal court in March over concerns about competition for the wall...

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