CLEVELAND, Ohio, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Crawford United Corporation (OTC: CRAWA) today announced the purchase of Rahn Industries, Incorporated of Whittier, California and Portland, Tennessee, effective January 2, 2025. Rahn Industries is a leading manufacturer of HVAC coils and related coatings, serving both OEM and aftermarket customers in the healthcare, industrial, energy, and defense industries. The purchase price was approximately $13 million in cash, subject to certain post-closing adjustments based on working capital, indebtedness and selling expenses. At closing, $1 million of the purchase price was placed in escrow to cover any deficiency in working capital determined post-closing and secure the seller's indemnification obligations.