Boston, MA -- (ReleaseWire) -- 06/28/2006 --Downer & Company, LLC, an international investment banking firm specializing in middle-market cross border acquisitions and divestitures, is pleased to announce the sale of Automatic Products International, Ltd., a leading manufacturer of glassfront automatic merchandising machines, to Crane Co., of Stamford, Connecticut. The transaction was valued at $31 million and closed on June 16, 2006.

Based in St. Paul, Minnesota, Automatic Products International, (APi) is a family-owned business specializing in the manufacture of glassfront snack/candy, hot beverage, fresh/frozen food and snack/can combination merchandisers for the worldwide vending market. Crane Co. acquired APi through its Merchandising Systems segment which also manufactures and distributes electronic vending merchandisers of hot & cold beverages, refrigerated & frozen foods, snack foods and single cup brewed hot drinks.

Mr. Eric Fast, president and chief executive officer of Crane Co., spoke about the acquisition in a company statement. “APi is a company with a long heritage in the vending industry. The current softness in demand for vending equipment requires a strategy of consolidating manufacturing operations to realize cost savings, expanding our sales and marketing capabilities, and continually upgrading our vending machine features. APi’s sales through distribution will complement Crane’s direct sales approach and will provide stronger penetration of certain market channels, market segments and geographic areas,” he concluded.

“Crane’s acquisition of APi was a logical step in an industry experiencing over capacity and in need of consolidation,” said Joseph Downing, Managing Director with Downer & Company. “Crane’s dedication to the vending industry will insure the continued prosperity of the historical, well established APi brand,” he continued.

The sale of Automatic Products marks the eighth completed transaction for Downer & Company in the first six months of 2006. Downer & Company’s engagement team consisted of Mr. Downing, Jeffrey Robards (Vice President), Edward Raffoni (Associate), and Nick Lenicheck (Analyst), all based out of the firm’s Boston office.

About Downer & Company
For thirty years, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the "International Cross-Border Deal of 2004" and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit www.downer.com.

About Crane Co.
Crane Co. (NYSE:CR) is a diversified manufacturer of engineered industrial products. Founded in 1855, the Company has five business segments: Aerospace & Electronics, Fluid Handling, Engineered Materials, Merchandising Systems, and Controls. For more information, visit www.craneco.com.

About Automatic Products international, ltd.
Automatic Products international, ltd. is a leading manufacturer and marketer of high performance glassfront snack, hot beverage, and food merchandisers for the vending market. For more information, visit www.automaticproducts.com.