Image provided by iStock.
Crane Co., the parent company of Crane Merchandising Systems and Crane Payment Innovations and a diversified manufacturer of engineered industrial products, has decided to separate into two publicly-traded companies to optimize investment and capital allocation, accelerate growth and unlock shareholder value. Shareholders will benefit from ownership in two businesses.
Crane NXT will include the payment and merchandising technologies business that is expected to achieve approximately $1.4 billion in sales. Crane NXT’s shares are expected to be listed on the NYSE under the ticker symbol «CXT.»
A process is currently under way to identify Crane NXT’s chief executive, including evaluation of both internal and external candidates.
Crane Co. will include the aerospace, electronics and process flow technologies businesses which this year are expected to generate approximately $1.9 billion in sales. Crane Co. will be led by Max Mitchell, who will continue to serve as president and chief executive officer, with Rich Maue continuing to serve as chief financial officer. The company intends to continue to be listed on the NYSE under its current ticker symbol, «CR.»
The separation is expected to be completed within approximately 12 months.