Crane buys RV-panel company

For $38 million, Crane Co. has purchased an Owens Corning operation that makes reinforced composite panels for recreational vehicles.

The deal did not include two Fabwel metal-fabrication facilities in Indiana, which Owens Corning sold to Euramax International Inc. for $22 million.

Crane”™s new Fabwel business had $40 million in revenue in 2006 and employs 150 people in two Indiana facilities. In the second quarter, Crane had a $46 million profit on $661 million in revenue; at last report, the Stamford-based company employed 12,000 people.

Crane is defending itself in two separate lawsuits brought by customers who claim RV sidewalls failed that relied on materials from Crane. The plaintiffs seek a total $13 million.