<SEC-DOCUMENT>0001193125-19-154157.txt : 20190522
<SEC-HEADER>0001193125-19-154157.hdr.sgml : 20190522
<ACCEPTANCE-DATETIME>20190522172602
ACCESSION NUMBER:		0001193125-19-154157
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190521
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190522
DATE AS OF CHANGE:		20190522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRANE CO /DE/
		CENTRAL INDEX KEY:			0000025445
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				131952290
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01657
		FILM NUMBER:		19846884

	BUSINESS ADDRESS:	
		STREET 1:		CRANE CO.
		STREET 2:		100 FIRST STAMFORD PLACE
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		203-363-7300

	MAIL ADDRESS:	
		STREET 1:		CRANE CO.
		STREET 2:		100 FIRST STAMFORD PLACE
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d746044d8k.htm
<DESCRIPTION>FORM 8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): May&nbsp;22, 2019 (May 21, 2019) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CRANE CO. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name
of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-1657</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-1952290</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation )</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File No.)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR></TABLE>
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<TD VALIGN="top" ALIGN="center"><B>100 First Stamford Place, Stamford, CT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>06902</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">203-363-7300</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
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<TD VALIGN="top" ALIGN="center"><B>Common Stock, par value $1.00</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>CR</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (17 CFR &#167;230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">&#167;240.12b-2).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 8 &#150; OTHER EVENTS </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Events. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As previously disclosed, on May&nbsp;21, 2019, Crane Co. (the &#147;Company&#148;) announced that on April&nbsp;30, 2019 the Company sent a
letter to the board of directors of CIRCOR International, Inc. (&#147;CIRCOR&#148;) outlining its proposal to acquire CIRCOR for $45.00 per share in cash (the &#147;Proposal&#148;). Also on May&nbsp;21, 2019, the Company held an investor call to
discuss the Proposal. A copy of the transcript of that call is attached as Exhibit 99.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 9 &#150; FINANCIAL STATEMENTS AND EXHIBITS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exhibits. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d746044dex991.htm">Transcript of Investor Call held on May&nbsp;21, 2019 </A></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Notice Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in this Form <FONT STYLE="white-space:nowrap">8-K</FONT> may contain forward-looking statements as defined by the Private Securities Litigation
Reform Act of 1995. These statements are based on management&#146;s current beliefs, expectations, plans, assumptions and objectives regarding the future financial performance of the Company and CIRCOR and are subject to significant risks and
uncertainties. Such risks and uncertainties include, but are not limited to, risks related to the expected timing and likelihood of completion of a potential transaction between the Company and CIRCOR, including the risk that the potential
transaction may not occur, and the risk that any announcements relating to the potential transaction could have adverse effects on the market price of the Company&#146;s or CIRCOR&#146;s common stock. Any discussions contained in this presentation,
except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially
from those addressed in these forward-looking statements. Such factors are detailed in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018, CIRCOR&#146;s Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018 and subsequent reports filed with the Securities and Exchange Commission (the &#147;SEC&#148;), and will be found in the definitive proxy
statement that will be filed with the SEC by CIRCOR if a negotiated transaction is agreed to. Such reports are available on the SEC&#146;s website (www.sec.gov). The Company does not undertake to update any forward-looking statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication does not constitute a solicitation of a proxy from any stockholder. This communication relates only to a proposal
that the Company has made for a business combination with CIRCOR. In furtherance of the acquisition proposal, and subject to future developments, the Company and CIRCOR may file additional relevant materials with the SEC, including that CIRCOR will
file a preliminary proxy statement on Schedule 14A if a negotiated transaction is agreed to. Following the filing of the definitive proxy statement with the SEC (if and when available), CIRCOR will mail the definitive proxy statement and a proxy
card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS ARE URGED TO READ THE PROXY STATEMENT IF AND WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors may
obtain the proxy statement, as well as other filings containing information about the Company and CIRCOR, free of charge, from the SEC&#146;s Web site (www.sec.gov). Investors may also obtain the Company&#146;s SEC filings in connection with the
transaction, free of charge, from the Company&#146;s Web site (www.craneco.com). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">CRANE CO.</TD></TR>
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<TD VALIGN="top">Date: May&nbsp;22, 2019</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anthony M. D&#146;Iorio</P></TD></TR>
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<TD VALIGN="top">Name: Anthony M. D&#146;Iorio</TD></TR>
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<TD VALIGN="top">Title: &nbsp;&nbsp;Vice President, General Counsel and Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Crane Co. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Proposal to
Acquire CIRCOR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">May-21-2019</FONT></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Conference Call Transcript </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator:
Greetings, and welcome to Crane&#146;s proposal to acquire CIRCOR conference call. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At this time, all participants are in a listen-only mode. A <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star, zero on your telephone
keypad. As a reminder, this conference is being recorded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to turn the conference over to your host, Jason Feldman, Director of Investor
Relations. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jason Feldman: Okay. Thank you, Operator, and good morning, everyone, and thank you all for joining us on short notice. I am
Jason Feldman, Director of Investor Relations. On our call this morning, we have Max Mitchell, our President and Chief Executive Officer, and Rich Maue, our Senior Vice President and Chief Financial Officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will start off our call with some prepared remarks, after which we will respond to questions. There is a slide presentation to accompany this conference
call available on our website at www.craneco.com in the Investor Relations section and we will be referring to it throughout the call. The <FONT STYLE="white-space:nowrap">8-K</FONT> and press release issued this morning are also available on our
website. </P>
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Moving to slide two, as a reminder, the comments we make on this call may include some forward-looking statements. We refer you to the cautionary language at the bottom of our press release and
also in our annual report, <FONT STYLE="white-space:nowrap">10-K</FONT> and subsequent filings pertaining to forward-looking statements. Also during this call, we will be using some <FONT STYLE="white-space:nowrap">non-GAAP</FONT> numbers that are
reconciled to the comparable GAAP numbers and tables at the end of our press release and accompanying slide presentation, both of which are available on our website in the Investor Relations section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This call, and the accompanying presentation, press release, and <FONT STYLE="white-space:nowrap">8-K</FONT> do not constitute an offer to buy or solicitation
of an offer to sell any securities. This presentation relates only to a proposal that Crane Co. has made for a business combination with CIRCOR. Now, let me turn the call over to Max. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Thank you, Jason, and welcome to the call today. This is an unusual call for us and one, quite frankly, I wish we didn&#146;t have to have.
However, we felt that there was no alternative after having a proposal rejected for the third time by CIRCOR over eight years. We felt we had no choice but to go public. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you&#146;ve seen in the press release and <FONT STYLE="white-space:nowrap">8-K</FONT> we issued this
morning, Crane has made a proposal to acquire CIRCOR in an all cash transaction at a significant premium. I will review the details of our proposal, discuss the substantial benefits for CIRCOR&#146;s shareholders, explain why we believe that CIRCOR
is unlikely to be able to generate comparable value on a standalone basis, and then discuss why this transaction makes sense for Crane shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After my prepared remarks, we&#146;re going to take questions for approximately 20 minutes. As I&#146;m sure you can understand, there is a limited amount of
information that we can provide beyond our prepared remarks. We will take one question per analyst. And if there is time remaining, you&#146;re welcome to get back into queue. We&#146;ll end the call around 9:15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We made a proposal to acquire CIRCOR for $45 per share in an all cash transaction. We believe that this proposal is very attractive for CIRCOR&#146;s
shareholders as well as for ours. Simply put, CIRCOR is made up of good businesses with great brands and, in our view, has been consistently undermanaged. We believe that Crane is a better owner of these assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to slide four. Again, CIRCOR shareholders will receive $45 per share in cash. This cash proposal represents a full and fair price with an attractive
premium of 47&nbsp;percent over the closing share price on May&nbsp;20, 2019; 37&nbsp;percent over the three month volume weighted average share price; and 51&nbsp;percent over the six month volume weighted average share price. We will have fully
committed financing at the time we sign an agreement with CIRCOR and the definitive agreement will not include a financing contingency. We do not anticipate any significant regulatory hurdles and due diligence can be completed very quickly.
</P>
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Let me give some background and context for our proposal. I initially contacted CIRCOR&#146;s CEO on April 30th and followed up with a letter to CIRCOR&#146;s board requesting a response by May
13th. We had hoped to reach an agreement on this transaction privately. However, as they have, after two prior approaches, one in 2011 and the last time in 2013, CIRCOR&#146;s board provided a written rejection of our proposal without any counter,
comment, or discussion. That response, previous history, along with CIRCOR&#146;s consistent underperformance, compelled us to make CIRCOR&#146;s shareholders aware of our proposal directly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that the CIRCOR board should engage with us in good faith and should not deny CIRCOR shareholders the opportunity to benefit from Crane&#146;s
attractive proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide five. CIRCOR is composed of three main businesses: valves, pumps, and aerospace and defense. All of their businesses
participate in markets where we have an existing presence. We have followed CIRCOR for a long time as well as all of the companies that they have acquired over the last several years. Overall, it&#146;s a collection of great brands with
differentiated products, each with a sizable installed base and an attractive end market mix. Despite the quality of CIRCOR&#146;s underlying business and assets, we believe the company has been undermanaged and as a result, the stock has
significantly underperformed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For Crane, this acquisition would be a great fit, adding scale and product breadth to two of our three
primary growth segments. We think of this as two large <FONT STYLE="white-space:nowrap">bolt-on</FONT> transactions, CIRCOR&#146;s aerospace and defense business fitting perfectly in our aerospace and electronics segment and CIRCOR&#146;s valves
business with our ChemPharma&nbsp;&amp; Energy business unit. And we view CIRCOR&#146;s recently acquired pumps business as a very close adjacency, fitting nicely in our fluid handling segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide seven. Again, our proposal provides an attractive premium and, just as importantly, certainty for CIRCOR shareholders. Over the years, CIRCOR management
has established financial targets that they have consistently failed to achieve. Shareholder returns have lagged all peers. Operational performance has been weak. And we believe that CIRCOR has destroyed more than a half a billion dollars of value
through poor capital allocation decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The stock performance chart on this slide speaks for itself, showing share price performance from the end of
2013 through last Friday. Over that time period, CIRCOR&#146;s stock price declined 61.5&nbsp;percent compared to a price-performance of positive 54.7&nbsp;percent for the S&amp;P 500 and positive 54.1&nbsp;percent for the S&amp;P <FONT
STYLE="white-space:nowrap">mid-cap</FONT> capital goods index. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On slide eight, we disaggregate the data a little further and the underperformance is even
more stark. Comparing CIRCOR&#146;s total shareholder return, including dividends, over the same time period to each of the 34 available individual stocks included in the S&amp;P <FONT STYLE="white-space:nowrap">mid-cap</FONT> goods index,
CIRCOR&#146;s TSR of negative 61.1&nbsp;percent compares to the group average of positive 58.5&nbsp;percent and a median of up 40.7&nbsp;percent. But, it&#146;s not just a comparison to the average and median. During that same time period,
CIRCOR&#146;s TSR was worse than each and every one of the 34 companies in that index. </P>
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Slide nine, from the company&#146;s own <FONT STYLE="white-space:nowrap">10-K</FONT> disclosure tells the same story. An investment of $100 on December&nbsp;31, 2013, including reinvestment of
dividends, would&#146;ve been worth less than $27 just five years later. More than 70&nbsp;percent of CIRCOR&#146;s equity value was eliminated. The indices picked by CIRCOR, as well as their handpicked peer groups from 2017 and &#145;18, each
performed far better than CIRCOR over that period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 10 shows the root cause of CIRCOR&#146;s weak relative shareholder returns as the company&#146;s
poor operational execution, resulting in consistent shortfalls against its own financial targets. In 2014, CIRCOR established 2018 targets for organic sales growth, adjusted operating margins, adjusted EPS, and free cash conversion. Even with
significant and recurring restructuring and other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> exclusions, they didn&#146;t come close to achieving any of these targets. For the 2014 to 2018 period, the organic sales growth guidance was a
4&nbsp;percent to 6&nbsp;percent compound average growth rate. Actual core sales declined at approximately a 4&nbsp;percent compound average growth rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2014, the adjusted operating margins were 9.9&nbsp;percent and CIRCOR established a 5 year target to reach 15&nbsp;percent. Margins actually fell to
8.2&nbsp;percent in 2018. 2013, adjusted EPS of $3.21 didn&#146;t increase at a 15&nbsp;percent CAGR as forecast, to $6.45. It declined 35&nbsp;percent to $2.11 in 2018. And free cash conversion also came in well below their original forecast. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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In 2017, CIRCOR tried again, reset results this time for 2020. They still have a little more than 18 months left to achieve these objectives and we have shown the data on slide 11. You can draw
your own conclusions, but in our view, they do not appear to be on track to achieve any of their recently stated objectives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 12. This failure to
deliver against their own targets is nothing new. It&#146;s been going on for a long time. Back in 2011, incidentally the year of our first approach to CIRCOR with a proposal to acquire the company, management set three to five year sales and margin
targets. The next year, in 2012, they said it would take longer to hit those targets, extending the time frame from the original three to five year period to a six year period. Six years after the targets were originally set, in 2017, sales came in
at $662&nbsp;million versus the target of $1.3 to $1.5&nbsp;billion. And adjusted segment margins were 11.1&nbsp;percent versus a target of 14 to 16&nbsp;percent. These revised targets appear to remain elusive even now in 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe another cause of CIRCOR&#146;s underperformance is the company&#146;s history of poor capital allocation decisions. As we show on slide 13, over
the last five years, CIRCOR has deployed more than four times the cash generated from operations on M&amp;A, dividends, capital expenditures, and share repurchases, with a substantial majority related to M&amp;A. That is just the amount of cash
deployed and excludes the $180&nbsp;million of equity issued as part of the Colfax transaction in 2017. </P>
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Turning to slide 14. To illustrate, at the end of 2014, CIRCOR&#146;s enterprise value is approximately $1&nbsp;billion. Since that time, they have spent about $1&nbsp;billion on acquisitions net
of divestitures and another $75&nbsp;million on share repurchases. At a current enterprise value of approximately $1.5&nbsp;billion, they&#146;ve destroyed $500&nbsp;million of value through a combination of poor operational performance and
imprudent capital allocation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CIRCOR&#146;s capital allocation has not only destroyed value, it is limiting the company&#146;s flexibility with a
leverage profile that is higher than nearly all comparably sized industrial companies. Current net debt to EBITDA is approximately 6.7 times compared to an average for the S&amp;P <FONT STYLE="white-space:nowrap">mid-cap</FONT> cap goods index
companies of 1.9 and a median of 1.8 times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On slide 16, we shift gears just a bit. Our proposal delivers $45 per share to CIRCOR shareholders today.
What would CIRCOR need to achieve to generate a comparable value? Assuming that CIRCOR continues to trade at its current 10.9 times EBITDA multiple, they would need to increase EBITDA to 31&nbsp;percent next year, approximately three times current
consensus expectations. </P>
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Slide 17. Our desire all along has been to engage in a private transaction with CIRCOR. We certainly didn&#146;t want to go public, but we felt that it was necessary given our past experiences on
prior approaches and, once again, here in 2019. In response to our announcement today, we&#146;re likely to hear a revised business plan about how CIRCOR intends to create value in excess of our proposal. I encourage CIRCOR shareholders to reflect
on what they said in 2014 and &#145;17 and compare those statements to what was actually delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Across all key metrics, there&#146;s a pattern of
missing targets by a substantial amount. From 2013 to 2018, rather than achieving their goals, we saw adjusted EPS decline 34&nbsp;percent, adjusted operating margins declined 170 basis points, free cash flow declined 45&nbsp;percent, and
approximately $500&nbsp;million of enterprise value was lost for shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to slide 18. While we believe that our proposal is compelling for
CIRCOR&#146;s shareholders and that they are unlikely to realize similar value absent our proposal, we also believe that this proposed transaction creates significant value for Crane shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 19. Our proven management team has the talent, experience, and resources necessary to achieve targeted synergies and operational improvements. We have a
well demonstrated ability to complete and integrate acquisitions, most recently, with MEI and Crane Currency within our payment and merchandising technology segment. The details on this slide are an illustration of our strong track record of success
in that regard. We have a proven track record of operational excellence and delivering results. We are well-positioned and ready today to integrate CIRCOR&#146;s businesses into Crane and deliver long-term value to Crane&#146;s shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strategically, the transaction would establish Crane&#146;s fluid handling segment as a broader, more
effective, multidimensional competitor, and would bring additional capacity and growth potential to an already strong area of our business. It would also bring further technology differentiation, driving innovation for our customers and extend our
presence in niche areas of the marketplace. And CIRCOR&#146;s aerospace and defense business, again, fits perfectly within our existing structure where we have deep and experienced teams prepared to integrate and run these businesses more
effectively across our landing, sensing, and fluid management verticals. A transaction would bring a complementary portfolio of products and customers that would expand our serve market, enabling even more growth opportunities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Slide 20. This transaction is also perfectly aligned with our corporate strategy, acquiring a company with highly engineered products, competing in niche
markets that fits cleanly into our existing businesses. And as I&#146;ve stated throughout this presentation, this is a company that we know very well. This transaction will be the largest in Crane&#146;s history, but it is consistent with our
previously stated capacity and we would expect to maintain our existing investment grade rating. Further, the terms of our proposal would meet all our disciplined acquisition financial criteria. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wrapping up on slide 21. Our proposal represents an attractive premium for CIRCOR shareholders. This proposal provides certainty of value and eliminates risk
associated with CIRCOR&#146;s business plan, risk that we think is substantial given the company&#146;s operational track record. Based on the current consensus outlook, there does not appear to be a path for CIRCOR to deliver comparable value on
its own. We suspect that CIRCOR shareholders will see the benefits of our proposal and make their views and preferences known to the CIRCOR board of directors. </P>
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While this proposal should be very attractive for CIRCOR shareholders, we also see it as a <FONT STYLE="white-space:nowrap">win-win.</FONT> CIRCOR fits well with our current businesses. We know
the end markets, the products, and we have the management capabilities to run the business more effectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before turning to Q&amp;A, Jason will review
the ground rules once again. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jason Feldman: So, we have approximately 15 to 20 minutes for Q&amp;A this morning. We&#146;ll only be answering questions
related to today&#146;s announced proposal and we&#146;ll limit all analysts initially to one question. You&#146;re then free to reenter the queue and we&#146;ll take your follow ups if there&#146;s enough time. Operator, we&#146;re now ready for
Q&amp;A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: Thank you. If you would like to ask a question, please press star, one on your telephone keypad. A confirmation tone will indicate
your line is in the question queue. You may press star, two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our first question today comes from Nathan Jones of Stifel. Please go ahead. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nathan Jones: Good morning, everyone. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Good morning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nathan Jones: Max, I&#146;m sure
there&#146;s very limited answers that you can give to today&#146;s questions, given that you haven&#146;t been able to do a lot of due diligence here or anything other than what&#146;s in the public domain. But, I just wanted to ask about one of
the bullets on your last slide here, Crane knows the business and can deliver significantly improved operating performance. Is there any color that you can give us on how you would go about approaching this business from an operational perspective
that would be better than what the current management&#146;s doing? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: I&#146;ll answer at a high level, Nathan. And on the call today, I also
have Rich Maue, our CFO, and Jason Feldman to jump in and participate also. On the fluid handling side, you&#146;ve got a good set of businesses with positive displacement pumps: Allweiler, Imo, Warren, Zenith, some great brands on the valve side.
Even that pumps business has been a challenge historically. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We think that CIRCOR overpaid on many of the acquisitions most recently and are having some
trouble integrating. I think we bring a greater discipline in terms of the integration cadence. We&#146;ve got the management bandwidth. I think it fits in very nicely with our existing teams, both on the ChemPharma&nbsp;&amp; Energy side as well as
aerospace and electronics. It brings a nice balance to the portfolio. We remain strongly chem, petrochem balance within ChemPharma&nbsp;&amp; Energy even with the oil and gas presence of CIRCOR. </P>
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I think just suffice it to say that we really feel strongly, which is why we&#146;ve gone public with this proposal, that this is best for CIRCOR shareholders; but it&#146;s an outstanding fit
for Crane shareholders. It&#146;s a <FONT STYLE="white-space:nowrap">win-win</FONT> proposal and we feel very strongly that we&#146;ve got the management team to execute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: The next question is from Matt Summerville of D.A. Davidson. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matt Summerville: Thanks. Again, I know you&#146;re limited with what you can say, but, if you&#146;re willing to pay 13.5 times trailing, I would assume from
a synergy standpoint, you&#146;re anticipating extracting something pretty meaningful. So, while you can&#146;t probably comment specifically on this deal, how many EBIDTA turns on purchase price have you historically realized on the deals
you&#146;ve done, Max? Can you speak to Crane&#146;s track record from a more mathematical perspective here to give us some comfort on the multiple you&#146;re looking at? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: So, first, I&#146;d start off by saying you&#146;re right, Matt. We can&#146;t comment on&#151;we&#146;re not going to comment on the synergies.
We&#146;d like to get the board of CIRCOR to engage with us. We think we have a very meaningful offer that is full and fair price. It meets all of our discipline financial measures. So, we feel confident that it is a good deal for Crane shareholders
as well. Even at the 13.5 times trailing 12 months adjusted EBIDTA. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In terms of&#151;I don&#146;t know if we&#146;re prepared to comment on&#151;from our historical&#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rich Maue: The other thing I would offer up, Matt, is if you look at our last two transactions, the larger ones, the success that we had with our MEI
transaction, our ongoing work with Crane Currency that&#151;our performance relative to our expectations has been better. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matt Summerville: Thank you.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: The next question is from Brett Linzey of Vertical Research Partners. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Good morning, Brett. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brett Linzey: Good morning,
all. Hey. So, it does seem like there implicitly should be lots of synergy opportunity, but maybe just thinking historically with CIRCOR and the R&amp;D. It seems like they&#146;ve really diminished or almost starved that part of the business for
many years. It&#146;s running almost a half a percent per year. What type of reinvestment do you think might eat away at any of the potential cost synergies you have that would be required to reinvigorate that portfolio? </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: I think that we would agree with you that there certainly seems to be some investment that
will be required and we believe that we&#146;ve calculated that into our work in terms of the financial metrics overall. We have a clear path. I think there&#146;s some synergies and leverage even within the development teams that we have in place.
So, it&#146;s actually part of the broader attractiveness as well as we see this moving forward, Brett. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brett Linzey: Okay. Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: The next question comes from Kristine Liwag of Bank of America. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Good morning, Kristine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kristine Liwag: Hey,
guys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Good morning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kristine Liwag: Good
morning. Max, you&#146;ve made two previous offers you mentioned in 2011 and 2013. So, this offer&#146;s your third approach. How has the premium that you&#146;ve offered changed over the years? And what makes you more comfortable today to go public
with this offer? </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Yeah. So, it&#146;s not
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">like-for-like</FONT></FONT> comparisons in terms of the capital structure of the company at that time versus now. I would say that the premiums offered, though, were in a similar
range. And we were rebuffed both times. And we felt that that the information back at that time was that we, CIRCOR, have plans that far exceed the value of what you&#146;re willing&#151;what you&#146;re paying. And we didn&#146;t feel it was worth
the fight at the time. We didn&#146;t feel it was worth making public. But, we have watched this play out over many, many years and that was really one of the main drivers is we feel that we&#146;ve offered a full and fair price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have a lot of history that we&#146;ve watched. We&#146;ve seen this movie play. And we had a rejection that offered absolutely no engagement whatsoever and
that&#146;s why we felt compelled that this was time for us to make our plans known directly to CIRCOR shareholders. We felt that it was a disservice to the shareholders not to understand our present and previous approaches. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kristine Liwag: Helpful color. Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: The next
question is from Robert Barry of Buckingham Research. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Barry: Hey, guys. Good morning. So, I guess I understand that you
can&#146;t talk about synergies at this point. But, just based on what you know about CIRCOR, is there anything structurally about these businesses that they shouldn&#146;t have comparable margins and cash flow characteristics versus your respective
aerospace and fluids businesses? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Not in our opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Barry: Okay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: The next question is from Ken
Herbert of Canaccord. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Hi, Ken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ken Herbert: Hi. Good morning. Max, I just wanted to follow up on the timing question. I can appreciate between 2013 and now, obviously, you did two large
acquisitions. But, is the timing now a reflection of your financial capability and flexibility? Or, is there anything you&#146;ve particularly seen in end markets or anything else that sort of reengaged you in 2019 after not at least overtly doing
anything for six years? Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Ken, I think it&#146;s a combination of all the above. In terms of our continued maturation, in terms of
our continued execution, growth&#151;profitable growth, shaping of the portfolio. We&#146;ve been asked numerous times in the past what&#146;s in the funnel and we have&#151;we&#146;re unable to give details about what&#146;s in our funnel. I can
just tell you that there&#146;s a number of targeted M&amp;A deals that we&#146;ve been looking at and will continue to. </P>
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We have a rich robust process. This is one that&#146;s been in our funnel for a long time. I think this is a combination of where the share price is at today, our readiness. We&#146;re consistent
with our capacity for deals of this size. And the timing is perfect to try again. And we were hoping for a private discussion, as we mentioned, and feel compelled to make it public. So, hope that helps, Ken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ken Herbert: Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: The next question is from
Mario Gabelli of Gabelli and Company. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mario Gabelli: Yeah. Hey, Max. I just got on towards the end of this. So, if I repeat something,
such is life. We are large shareholders at CIRCOR and large shareholders at Crane. I&#146;m a little taken back that they had an annual meeting where they put a staggered board in and we had, I believe, someone go to that and they never indicated
that prior to the meeting. So, your approach to them was before the board meeting, if I got <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">the--one</FONT></FONT> of the notes that I&#146;m reading. Or, their annual meeting, I
mean? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: I believe that&#146;s correct in terms of our time&#151; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mario Gabelli: &#151;Yeah. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Of the time table.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mario Gabelli: Okay we&#146;ll take that up with them. All right. I think we&#146;ve done the math and I
think it&#146;s an interesting dynamic and I appreciate it. I mean, I think it&#146;s good for both companies and have a good day. Take care. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max
Mitchell: Thank you. Thank you, Mario. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: Follow up question from Robert Barry of Buckingham Research. Please go ahead. Mr.&nbsp;Barry, your line
is open. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Barry: Yeah. Hi. Can you hear me? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max
Mitchell: Yeah. Go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Barry: Sorry about that. Yeah. Was just curious. A couple of quick follow ups. One, if you can comment at all on what
you think the pro forma leverage looks like and what you see as just the near-term next steps. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rich Maue: Yeah. Just on the leverage, we&#146;re not going to comment on the financing structure and our
path there. What I would say is that we are, as you know, committed to maintaining our current investment grade rating, Rob, and we maintain and always have a very constructive dialogue with the rating agencies and are confident that we&#146;ll
maintain our current ratings profile. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: In terms of next steps, we will be reaching out to CIRCOR shareholders, communicating our message,
answering questions. I think it was quite an interesting comment from CIRCOR&#146;s number one shareholder, Mario Gabelli. So, we&#146;ll be following up with others and hopefully the board will engage soon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert Barry: All right. Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: There are no
further questions at this time. I would like to turn the call back to Max Mitchell for closing remarks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Max Mitchell: Thank you all for joining us today.
We believe strongly in the merits of our proposal. If, as we expect, CIRCOR shareholders agree with us, we urge them to voice their views that the CIRCOR board should not stand in the way of the attractive value we are proposing and instead engage
with us consistent with its fiduciary obligations. We will update you on our progress as developments warrant. Thank you all so much for attending today. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operator: This concludes today&#146;s conference. You may disconnect your lines at this time. Thank you for
your participation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Notice Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in this communication may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These
statements are based on management&#146;s current beliefs, expectations, plans, assumptions and objectives regarding the future financial performance of Crane Co. (the &#147;Company&#148;) and CIRCOR International, Inc. (&#147;CIRCOR&#148;) and are
subject to significant risks and uncertainties. Such risks and uncertainties include, but are not limited to, risks related to the expected timing and likelihood of completion of a potential transaction between the Company and CIRCOR, including the
risk that the potential transaction may not occur, and the risk that any announcements relating to the potential transaction could have adverse effects on the market price of the Company&#146;s or CIRCOR&#146;s common stock. Any discussions
contained in this presentation, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results
or outcomes to differ materially from those addressed in these forward-looking statements. Such factors are detailed in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31,
2018, CIRCOR&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018 and subsequent reports filed with the Securities and Exchange Commission (the &#147;SEC&#148;), and will be found
in the definitive proxy statement that will be filed with the SEC by CIRCOR if a negotiated transaction is agreed to. Such reports are available on the SEC&#146;s website (www.sec.gov). The Company does not undertake to update any forward-looking
statements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication does not constitute a
solicitation of a proxy from any stockholder. This communication relates only to a proposal that the Company has made for a business combination with CIRCOR. In furtherance of the acquisition proposal, and subject to future developments, the Company
and CIRCOR may file additional relevant materials with the SEC, including that CIRCOR will file a preliminary proxy statement on Schedule 14A if a negotiated transaction is agreed to. Following the filing of the definitive proxy statement with the
SEC (if and when available), CIRCOR will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS ARE URGED TO READ THE PROXY STATEMENT IF AND
WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain the proxy statement, as well as other filings containing information about the Company and CIRCOR, free of charge, from the SEC&#146;s Web site
(www.sec.gov). Investors may also obtain the Company&#146;s SEC filings in connection with the transaction, free of charge, from the Company&#146;s Web site (www.craneco.com). </P>
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