Creates New Security and Authentication Technologies Segment, Consisting of Crane Currency and OpSec Security
Sam Keayes Appointed Senior Vice President, Security and Authentication Technologies
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
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
About
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
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:
Vice President, Investor Relations
rima.hyder@cranenxt.com
OpSec Contact:
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
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
Source: Crane NXT
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