CR - Crane to split into two public companies

Crane (NYSE:CR) +1.7% pre-market after its board approved a plan to separate into two independent, publicly-traded companies. Crane Co. will retain the aerospace and electronics business as well as its process-flow technologies unit, while the payment and merchandising technologies business will be spun off to form a new company called Crane NXT. Crane Co.'s two units are expected to generate ~$1.9B in sales this year; Max Mitchell will continue to lead Crane Co. as President and CEO. The payment and merchandising technologies unit that will become Crane NXT is expected to achieve $1.4B in sales this year; the company is evaluating candidates to select a CEO. "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," CEO Max Mitchell says. "Crane has been beating expectations

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Crane to split into two public companies