CRAWFORD UNITED ACQUIRES HEANY INDUSTRIES

Rhea-AI Summary

Crawford United Corporation (CRAWA) announced the acquisition of Heany Industries, a materials engineering solutions company based in Scottsville, New York. The acquisition is expected to expand Crawford United's presence in the aerospace and defense market, diversify its customer base, and add approximately $7 million in annualized revenue, being immediately accretive to earnings.

CLEVELAND, Jan. 08, 2024 (GLOBE NEWSWIRE) --  Crawford United Corporation (OTC: CRAWA) today announced the purchase of Heany Industries effective January 2, 2024. Founded in 1932, Heany Industries is located in Scottsville, New York.

Heany Industries offers materials engineering solutions for a variety of aerospace, industrial and bio-medical applications. The company’s engineered coatings provide a protective shield for aircraft engine components, locomotive parts, dental implants, and other applications where increasing longevity and reducing downtime is critical.

“Heany Industries is strategically important to our growing presence in the aerospace and defense market,” said Brian Powers, CEO of Crawford United. “The acquisition will expand our offerings and diversify our customer base in this growing market segment,” he added.

The acquisition is expected to add approximately $7 million in annualized revenue to Crawford United and be immediately accretive to earnings.

About Crawford United Corporation. Crawford United Corporation is a growth-oriented holding company providing specialty industrial products to diverse markets, including healthcare, education, aerospace, defense, and transportation. The company currently operates two business segments. The Commercial Air Handling Equipment segment is a leader in designing, manufacturing, and installing highly customized, large-scale commercial, institutional, and industrial air handling solutions, primarily for hospitals and universities. The Industrial & Transportation Products segment provides highly complex precision components to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. For more information, go to www.crawfordunited.com.
  

Information about Forward Looking Statements. This press release contains forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements made regarding the company’s future results. Generally, these statements can be identified by the use of words such as “guidance,” “outlook,” “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements, or other statements made by the Company, are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) shortages in supply or increased costs of necessary products, components or raw materials from the Company’s suppliers; (b) availability shortages or increased costs of freight and labor for the Company and/or its suppliers; (c) actions that governments, businesses and individuals take in response to public health crises, such as the COVID-19 pandemic, including mandatory business closures and restrictions on onsite commercial interactions; (d) conditions in the global and regional economies and economic activity, including slow economic growth or recession, inflation, currency and credit market volatility, reduced capital expenditures and changes in government trade, fiscal, tax and monetary policies; (e) adverse effects from evolving geopolitical conditions, such as the military conflict in Ukraine and Israel; (f) the Company's ability to effectively integrate acquisitions, and manage the larger operations of the combined businesses, (g) the Company's dependence upon a limited number of customers and the aerospace industry, (h) the highly competitive industries in which the Company operates, which includes several competitors with greater financial resources and larger sales organizations, (i) the Company's ability to capitalize on market opportunities in certain sectors, (j) the Company's ability to obtain cost effective financing and (k) the Company's ability to satisfy obligations under its financing arrangements, as well as the risks described from time to time in the Company’s reports as filed with the Securities and Exchange Commission. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.

FAQ

What did Crawford United Corporation announce?

Crawford United Corporation announced the purchase of Heany Industries effective January 2, 2024.

Where is Heany Industries located?

Heany Industries is located in Scottsville, New York.

What does Heany Industries offer?

Heany Industries offers materials engineering solutions for aerospace, industrial, and bio-medical applications.

What is the expected impact of the acquisition on Crawford United?

The acquisition is expected to expand Crawford United's presence in the aerospace and defense market, diversify its customer base, and add approximately $7 million in annualized revenue, being immediately accretive to earnings.