Crane Company - CR STOCK NEWS

Crane NXT, Co. (NYSE: CXT) announced its first quarter 2023 earnings release scheduled for May 10, 2023, after market closure. The earnings results will be accessible on their website. A teleconference is set for May 11, 2023, at 11:30 AM Eastern, hosted by key executives, Aaron W. Saak and Christina Cristiano. This call will be available in a listen-only mode also on their website, alongside a slide presentation. Crane NXT is recognized for its advanced micro-optics technology and operates globally, employing around 4,000 individuals across multiple countries. Investors are encouraged to join the teleconference for insights into the company's performance and strategy.

Crane Company (NYSE: CR) has announced its schedule for the first quarter 2023 earnings release, set for May 10, 2023, after market close. This will be publicly distributed and available on the company’s website at www.craneco.com.

A teleconference is scheduled for May 11, 2023, at 10:00 AM (Eastern), featuring President & CEO Max H. Mitchell and Executive VP & CFO Richard A. Maue. The call will be accessible in listen-only mode on the company’s website, along with an accompanying slide presentation.

A web replay will be available post-call on the company's website. Crane Company, established in 1855, specializes in engineered industrial products across various sectors, employing around 7,000 individuals globally.

Crane Company has successfully separated from Crane Holdings, launching as an independent publicly traded company under the ticker CR, effective April 4, 2023. This significant milestone was celebrated by ringing the Opening Bell at the New York Stock Exchange. Crane, a manufacturer of engineered industrial products, aims to strengthen its business model focused on two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies. The company's leadership believes this separation will enhance capital allocation strategies and attract a supportive investor base.

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.

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.