Crane Holdings CR has divested Redco Corporation, a subsidiary holding all asbestos liabilities and related insurance assets, to long-term liability management company, Spruce Lake Liability Management Holdco.At closing of the transaction, Crane Holdings paid approximately $550 million in cash to Redco, while Spruce Lake made a capital contribution of $83 million. CR financed its contribution using short-term debt and cash on hand.By removing all asbestos-related liabilities and obligations from CR’s balance sheet, the transaction will increase its annual free cash flow and thus aid in long-term value creation for stakeholders. The divestiture will allow CR to focus more on its core business areas.Crane Holdings, Co. Price Crane Holdings, Co. price | Crane Holdings, Co. QuoteAs a result of the divestiture, Crane Holdings will incur an estimated one-time after-tax loss of approximately $170 million in the third quarter of 2022. This charge will be excluded from adjusted earnings per share.Crane Holdings’ president and chief executive officer, Max Mitchell, said, “The transaction will also give us substantially more flexibility to optimize the capital structures for post-separation Crane Company and Crane NXT in a manner that positions both companies for growth and value creation."Zacks Rank & Key PicksCrane Holdings carries a Zacks Rank #3 (Hold).Some better-ranked stocks within the broader Industrial Products sector are as follows:Lindsay Corporation LNN sports a Zacks Rank #1 (Strong Buy). LNN pulled a trailing four-quarter earnings surprise of 25.6%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.Lindsay Corporation has an estimated earnings growth rate of 44.1% for the current year. Shares of the company have rallied 28% in the past six months.Greif, Inc. GEF presently carries a Zacks Rank #2 (Buy). GEF delivered a trailing four-quarter earnings surprise of 22.9%, on average.Greif has an estimated earnings growth rate of 36.8% for the current year. Shares of the company have gained 20.7% in the past six months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lindsay Corporation (LNN): Free Stock Analysis Report Greif, Inc. (GEF): Free Stock Analysis Report Crane Holdings, Co. (CR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research