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Crane Co. (NYSE: CR) intends to separate into two independent, publicly-traded companies.
After the separation, Crane Co. will include the Aerospace & Electronics and Process Flow Technologies businesses. The Payment and Merchandising Technologies business will become "Crane NXT."
The new Crane Co. will be led by Max Mitchell, who will continue to serve as President and CEO, and Rich Maue will continue to serve as CFO. The company intends to continue its listing on the NYSE under the current symbol, "CR."
Crane NXT's shares will be listed on the NYSE under the symbol "CXT." The executives currently leading Crane's PMT business will continue to serve in senior positions with Crane NXT.
Upon completing the tax-free distribution, shareholders will own 100% of the equity in both publicly traded companies.
The company expects the separation to be completed within ~12 months.
Price Action: CR shares are trading higher by 0.17% at $110.32 on the last check Wednesday.
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