Hanson to Sell Grove Worldwide to Keystone

Britain’s former conglomerate Hanson agreed to sell its Grove Worldwide crane business to Keystone Inc., a company controlled by financier Robert Bass, for $605 million, nearly completing Hanson’s conversion to a building-products company. Shady Grove, Pa.-based Grove had sales of about $895 million last year. Hanson said proceeds from the sale will eliminate the group’s debt of about $357 million at year-end. The company said last week that the sale of its remaining non-core businesses was “well underway” and that it aimed to use the proceeds to make acquisitions in its core business. Fort Worth-based Keystone, Bass’ main investment arm, is closely held.