Crane NXT, Co. (NYSE: CXT) ("Crane NXT" or the "Company"), a
premier industrial technology company, today announced that it has
completed its acquisition of OpSec Security (“OpSec”), a global
leader in brand protection and authentication solutions.
Aaron W. Saak, Crane NXT’s President and CEO, stated: “Acquiring
OpSec is a major milestone in the execution of our growth strategy.
We are thrilled to officially welcome the OpSec team to Crane NXT.
With this acquisition, we will expand our capabilities across the
entire authentication value chain, creating a leading brand and
product authentication platform. We look forward to working with
our new colleagues to solidify our position as a leader in
providing solutions that secure, detect and authenticate our
customers’ most valuable assets.”
In connection with the acquisition of OpSec, the Company is
renaming its “Crane Currency” reportable segment to “Security and
Authentication Technologies,” which will consist of the Crane
Currency business and the acquired OpSec business. The CPI segment
will remain unchanged. This updated structure better aligns with
the Company’s strategy to expand its portfolio of technology
solutions and serve its customers. The updated segment presentation
will be effective in the second quarter of 2024 and has no effect
on the first quarter’s financials results.
The Company also announced Sam Keayes, President of Crane
Currency, has been promoted to Senior Vice President, overseeing
the Security and Authentication Technologies segment, and reporting
directly to Mr. Saak. Mr. Keayes has been instrumental in growing
the Crane Currency business and expanding the adoption of its
micro-optics technology internationally to over 150 denominations
in approximately 50 countries. Dr. Selva Selvaratnam will remain in
his role as the leader of OpSec and will report to Mr. Keayes.
Mr. Keayes stated: “Crane NXT has developed expertise in the
large and rapidly expanding authentication and brand protection
markets through the success of our micro-optics technology. I look
forward to supporting the OpSec team as they solve customers’ brand
reputation and counterfeiting challenges, using the industry’s most
comprehensive portfolio of digital and physical authentication
solutions.”
Crane NXT continues to expect the acquisition to be accretive to
Adjusted EPS in 2025 and to achieve double digit ROIC by year five.
The Company will provide updated full year guidance as part of its
first quarter 2024 earnings release scheduled for May 8, 2024.
About Crane NXT, Co.
Crane NXT is a premier industrial technology company that
provides trusted technology solutions to secure, detect, and
authenticate what matters most to its customers. Crane NXT is a
pioneer in advanced micro-optics technology for securing physical
products, and its sophisticated electronic equipment and associated
software leverages proprietary core capabilities with detection and
sensing technologies. Crane NXT has approximately 4,000 employees
with global sales, research and development, and operations in the
United States, the United Kingdom, Mexico, Japan, Germany, Sweden,
and Malta. For more information, visit www.cranenxt.com.
About OpSec Security
OpSec Security is a world leader in authentication and brand
integrity with a heritage that spans four decades. OpSec serves
many of the world’s leading brand owners, licensors, and media
rights owners, helping them build intangible value and mitigate
vulnerability across both physical and digital domains. OpSec also
provides high-security and compliance solutions to governments.
With their global reach and coverage, they integrate into brand
operations, royalty cycles, and products, as well protecting brand
identity and digital content across online marketplaces, social
media platforms, websites, and beyond. OpSec brings together
multiple disciplines to ensure that solutions are brand-led,
practical, and effective. For more information, visit
www.opsecsecurity.com.
Crane NXT Contact:
Rima Hyder Vice President, Investor Relations
rima.hyder@cranenxt.com
OpSec Contact:
Giles Walker, Chief Marketing and Strategy Officer
media@opsecsecurity.com
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements include all statements that are not historical
statements of fact and those regarding the Company's intent,
belief, or expectations.Words such as “anticipate(s),” “expect(s),”
“intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,”
“could,” “should,” “seek(s),” and similar expressions, or the
negative of these terms, are intended to identify such
forward-looking statements. These statements are based on
management’s current expectations and beliefs and are subject to a
number of risks and uncertainties that could lead to actual results
differing materially from those projected, forecasted or expected.
The Company assumes no (and disclaims any) obligation to revise or
update these statements to reflect future events or circumstances.
Although the Company believes that the assumptions underlying the
forward-looking statements are reasonable, it can give no assurance
that its expectations will be attained. The Company cautions
investors not to place undue reliance on any such forward-looking
statements.
Risks and uncertainties that could cause actual results to
differ materially from the Company's expectations include, but are
not limited to: changes in global economic conditions (including
inflationary pressures) and geopolitical risks, including
macroeconomic fluctuations; demand for its products, which is
variable and subject to factors beyond its control; fluctuation in
the prices of, or disruption in its ability to source, components
and raw materials, and delays in the distribution of its products;
information systems and technology networks failures, breaches in
data security, theft of personally identifiable and other
information, and non-compliance with its contractual or other legal
obligations regarding such information; risks associated with
conducting a substantial portion of its business outside the U.S.;
being unable to successfully develop and introduce new products,
which would limit its ability to grow and maintain its competitive
position; loss of personnel or being able to hire and retain
additional personnel needed to sustain and grow its business as
planned; being unable to identify or complete acquisitions, or to
successfully integrate the businesses the Company acquires;
governmental regulations and failure to comply with those
regulations; risks from litigation, claims and investigations,
including those related to product liability and warranties, and
employee, commercial, intellectual property and environmental
matters; risks related to its ability to improve productivity,
reduce costs and align manufacturing capacity with customer demand;
the ability to protect its intellectual property; significant
competition in the Company's markets; adverse impacts from
intangible asset impairment charges; additional tax expenses or
exposures; inadequate or ineffective internal controls; and risks
related to the Separation, including not obtaining the intended tax
treatment of the Separation transaction, failure of Crane Company
to perform under the various transaction agreements and actual or
potential conflicts of interest with Crane Company.
Readers should carefully review Crane NXT, Co.’s financial
statements and the notes thereto, as well as the section entitled
“Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form
10-K for the year ended December 31, 2023 and the other documents
Crane NXT, Co. and its subsidiaries file from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking
statements.
Crane NXT (NYSE:CXT)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
Crane NXT (NYSE:CXT)
Historical Stock Chart
Von Nov 2023 bis Nov 2024