Crane Co. To Be Two Separate, Publicly Traded Companies

(RTTNews) - Engineered industrial products maker Crane Co. (CR) on Wednesday announced its decision to separate into two independent, publicly traded companies.

Following separation, the company's aerospace & electronics and process flow technologies businesses will retain the name Crane Co., and payment and merchandising technologies business will be named as Crane NXT, whose shares are expected to be listed on the NYSE under the ticker symbol "CXT".

Annual sales for Aerospace & Electronics and Process Flow Technologies business and Payment and merchandising technologies business are expected to be about $1.9 billion and $1.4 billion respectively.

"Having achieved the scale to operate as two market-leading, separate companies, we believe this transaction will unlock substantial value for our shareholders, as each company attracts an investor base tailored to its respective financial and growth profile," stated Mitchell, Crane Co. President and Chief Executive Officer.

The company expects the separation to be completed within 12 months.