Crane Company (NYSE: CR) manufactures highly engineered components for aerospace, defense, space and process-industry end markets. Its recurring updates center on the Aerospace & Advanced Technologies and Process Flow Technologies platforms, including orders, backlog, margins, earnings guidance and demand trends across mission-critical applications.
Company news also covers portfolio actions and governance developments. Recent completed acquisitions added Druck, Panametrics, Reuter-Stokes and optek-Danulat to the business, while corporate updates address executive succession, dividend actions and acquisition-related financing effects within Crane’s broader industrial operating model.
Crane Company (NYSE: CR) and Crane NXT are set to officially separate into independent entities on April 3, 2023. This separation involves a tax-free distribution of Crane's Aerospace & Electronics, Process Flow Technologies, and Engineered Materials segments to existing shareholders. Crane NXT will focus on Payment & Merchandising Technologies and has appointed a strong executive team led by President and CEO Aaron W. Saak. The new board includes seasoned professionals with extensive industry experience. The transition aims to enhance business performance and shareholder value, while all shareholders will retain equity in both companies.
Crane Holdings, Co. (NYSE: CR) announced that Crane NXT, its Industrial Technology business, will be independent from Crane Co. on April 3, 2023. Jennifer Kartono has been appointed as Senior VP and Chief Human Resources Officer for Crane NXT, effective April 10, 2023. She brings over 25 years of experience from Iron Mountain, focusing on enhancing talent acquisition, diversity, and inclusion initiatives. The separation will involve a tax-free distribution of its Aerospace & Electronics, Process Flow Technologies, and Engineered Materials to shareholders. Post-separation, both entities will operate independently while maintaining a commitment to high ethical standards.
org value="NYSE:CR"Crane Company is set to become an independent entity following the separation transaction on April 3, 2023. The Company has secured $1.65 billion in credit agreements to enhance post-separation balance sheets for both Crane Company and its spin-off, Crane NXT. Crane Company will have about $150 to $200 million cash at separation, leading to a net debt of $100 to $150 million. Crane NXT will maintain $200 to $250 million in cash with a net debt of $645 to $695 million, positioning both firms for future growth and acquisitions.
Crane Holdings, Co. (NYSE: CR) is set to become an independent company named Crane NXT on April 3, 2023, following a successful separation transaction. The company appointed Paul G. Igoe as Senior Vice President, General Counsel, and Secretary, effective March 20, 2023. Igoe, previously with SS&C Technologies and Teradyne, brings extensive experience in the industrial technology sector. Crane NXT will focus on growth strategies in security and authentication technologies. Shareholders will retain 100% equity in both the new Crane NXT and the remaining Crane Company post-separation.
Crane NXT is set to become an independent company on April 3, 2023, following a separation from Crane Holdings. An investor conference will take place on March 9, 2023, where executives will discuss the company’s growth strategy and financial outlook. Crane NXT aims to provide technology solutions for asset security and authentication, anticipating an annual dividend of $0.56 post-separation. The leadership emphasizes a strong balance sheet and potential for long-term shareholder value, while reaffirming its 2023 earnings guidance originally disclosed in January.
Crane Company is set to become an independent entity effective April 3, 2023, following its separation from Crane Holdings, Co. An investor conference will be held on March 9, 2023, in New York City, featuring key executives discussing the company's growth strategy. Crane Company aims for 4% to 6% long-term core sales growth and anticipates operating profit growth at double the sales growth rate. The company expects a strong balance sheet with $4 billion in cumulative capacity through 2028. Additionally, it will pay an annual dividend of $0.72 per share.
Crane Holdings, Co. (NYSE: CR) announced a separation into two publicly traded companies, with a tax-free distribution of its Aerospace & Electronics, Process Flow Technologies, and Engineered Materials sectors to shareholders. The spin-off will occur on April 3, 2023, where shareholders on record as of March 23, 2023, will receive shares of the new Crane Company, retaining their Crane Holdings shares, which will be renamed Crane NXT, Co. Trading under the current ticker 'CR' continues until the distribution date, followed by a transition to 'CXT' for Crane NXT, Co. This strategic move aims to enhance shareholder value and operational focus.
Crane Holdings, Co. (NYSE: CR) announced that Crane NXT will become an independent company on April 3, 2023, following a separation transaction. Christina Cristiano has been appointed as the Senior VP and CFO of Crane NXT. She brings extensive financial expertise, having previously held significant roles within Crane and at Thomson Reuters. The leadership team, guided by Aaron W. Saak, aims to maximize growth across security, detection, and authentication markets. An upcoming investor conference is scheduled for March 9, 2023, in New York City, where business strategy and capital plans will be discussed.
Crane Company (NYSE: CR) announced that the SEC has approved its Form 10 registration statement for the upcoming business separation set for April 3, 2023. This strategic move will divide Crane into two independent companies: Crane NXT, focusing on Industrial Technology with projected sales of $1.4 billion and a 30% EBITDA margin, and Crane Company, expected to generate $2 billion in sales with a 19.5% EBITDA margin. Both companies aim to enhance investment focus and operational efficiency. Investor conferences will be held on March 9, 2023, in New York City to discuss the separation and future strategies.
Crane Holdings, Co. (NYSE: CR) reported strong fourth quarter 2022 results, with GAAP EPS rising 53% to $1.87 and adjusted EPS surging 63% to a record $2.13. The company achieved a GAAP operating profit margin of 15.7%, up 440 basis points year-over-year, while adjusted operating margin reached 18.6%. Core sales rose 11%, with core orders increasing 15% and core backlog growing 28%. Despite these positive metrics, Crane anticipates mixed activity in 2023 due to macroeconomic uncertainties. The company will separate into Crane Company and Crane NXT by April 2023, aiming to enhance investments and accelerate growth.