Crane Co to spin-off into Crane Co and Crane NXT.

Crane Co, an American industrial products company, agreed to spin-off into two subsidiaries Crane Co and Crane NXT. Financial terms were not disclosed. The separation is expected to occur through a tax-free distribution of the aerospace & electronics and process flow technologies businesses to the company’s shareholders. Payment & merchandising technologies will be renamed Crane NXT concurrent with the separation, and the aerospace & electronics and process flow technologies businesses will retain the Crane Co name. Upon completion of the separation, shareholders will own 100% of the equity in both of the publicly traded companies. “This announcement marks a major milestone in the evolution of Crane Co. For decades, we have delivered consistent and differentiated execution, strengthening our business through organic growth and value-creating acquisitions. 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," Max Mitchell, Crane President and CEO.