Crane NXT Completes Acquisition of OpSec Security

Creates New Security and Authentication Technologies Segment, Consisting of Crane Currency and OpSec Security

Sam Keayes Appointed Senior Vice President, Security and Authentication Technologies

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