Crane Co. to separate into two public companies via tax-free spin-off; Crane NXT (CXT) created

Crane NXT, Co.

Crane Co. (Aerospace & Electronics, Process Flow) retains CR ticker; expected ~$1.9B sales, ~18.5% EBITDA margin.
Crane NXT (Payment & Merchandising Technologies) to trade as CXT; expected ~$1.4B sales, ~28% EBITDA margin.
Spin-off expected within 12 months, tax-free; no shareholder vote; subject to regulatory and customary conditions.
Max Mitchell continues as CEO of Crane Co.; CEO search for Crane NXT underway.
Capital deployment unchanged until spin-off; both companies to maintain strong balance sheets and dividends.

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