US-based technologies firm Crane Holdings Co announced Monday that it has completed the separation of its Payment and Merchandising Technologies business, to be known as Crane NXT. The segment, which includes currency validation firm Crane Payment Innovations (CPI), provides payment technology to the global gaming industry.
The newly spun-off entity is due to start trading on the New York Stock Exchange on Tuesday 4 April 2023 under the ticker “CXT”, to be followed by Crane NXT’s President and CEO, Aaron W Saak, ringing the New York Stock Exchange’s Closing Bell at 4pm.
“Today marks a major milestone for NXT as we begin our journey as a newly independent company,” Saak said. “Our entire strong and talented team is energized and excited about the opportunities ahead of us.
“We are starting this next chapter from a position of strength with a solid financial profile, differentiated technology, and a strong set of core capabilities. We see the potential to drive substantial long-term shareholder value by growing our core businesses while expanding into high-growth adjacencies.”
Crane Co – which will continue to include the Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments – said last year that spinning off its payments segment would allow the new Crane NXT entity to “differentiate itself through its technology leadership, positioning it to leverage long-term secular drivers including automation, security and productivity, across several high-growth adjacent markets.
“After the separation, Crane NXT will be positioned to drive earnings growth through continued investment in the business and value-enhancing bolt-on acquisitions. Its balance sheet and strong free cash flow will also allow it to support both significant acquisitions and capital return to shareholders.”
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