Source: United States Department of Justice
The Department of Justice filed a civil lawsuit today to stop Grupo Verzatec S.A. de C.V. (Verzatec) from acquiring its biggest competitor, Crane Composites (Crane), a wholly-owned subsidiary of Crane Co. The complaint, filed in the U.S. District Court for the Northern District of Illinois, alleges that the proposed $360 million transaction would harm competition in production and sale of pebbled fiberglass reinforced plastic (FRP) wall panels, whose product and performance characteristics make it the wall covering of choice for many restaurants, grocery stores, hospitals and convenience stores across the United States.