December 28, 2009 (FinancialWire) — Crane Co. (NYSE: CR), a manufacturer of industrial products, and Merrimac Industries, Inc. (AMEX: MRM), a firm engaged in the design and manufacture of RF Microwave components, assemblies and micro-multifunction modules, announced have signed a definitive agreement for the acquisition of Merrimac by Crane.

Under the deal, Crane will pay $16.00 cash per share of common stock of Merrimac and associated common stock purchase rights. Crane will launch a tender offer to acquire all of the outstanding shares of common stock of Merrimac, and this transaction is scheduled to close in the first quarter of 2010.

The transaction is valued at approximately $52 million and has been approved by the boards of directors of both companies.

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