WALTHAM, Mass. and LONDON, May 07, 2024 (GLOBE NEWSWIRE) — Crane NXT, Co. (NYSE: CXT), a premier industrial technology company, today announced that it has completed its acquisition of OpSec Security, 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.
