Baker Hughes (NASDAQ: BKR), a global energy technology firm, has announced a definitive agreement to sell its Precision Sensors & Instrumentation (PSI) product line to Crane Company (NYSE: CR), a U.S.-based manufacturer of engineered industrial products, for approximately $1.15 billion in cash.
The PSI business, a part of Baker Hughes’ Industrial & Energy Technology (IET) segment, includes renowned brands Druck, Panametrics, and Reuter-Stokes. These brands specialize in precision instrumentation technologies used for monitoring pressure, flow, gas, moisture, and radiation in a wide array of critical industrial applications. The divestiture includes approximately 1,600 employees, as well as intellectual property, global assets, and operations infrastructure tied to the PSI portfolio.
“This transaction continues the progress we have made in enhancing our strategic focus on IET’s core competencies of rotating equipment, asset performance management, flow control, and decarbonization to continue to drive higher returns, reinforcing our commitment to long-term value for our shareholders,” said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. “We believe the value realized in this transaction is a testimony to these product lines’ quality and the potential they can achieve as part of Crane.”
The move comes as part of Baker Hughes’ ongoing strategic portfolio optimization, which includes the recent Surface Pressure Control transaction, allowing the company to reallocate capital toward higher-return segments and improve long-term cash flow durability.
Crane, known for supplying highly engineered components to the aerospace, defense, space, and process industries, will acquire all PSI operations upon deal closure, which is expected by late 2025 or early 2026, subject to customary closing conditions and regulatory approvals.
Evercore is acting as the financial adviser to Baker Hughes on the transaction.
