---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-221338"
form_type: "8-K"
ticker: "CXT"
cik: "0000025445"
company_name: "Crane NXT, Co."
filed_at: "2022-08-15T23:59:59+00:00"
generated_at: "2026-06-24T00:07:02.744683+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Crane divests asbestos liabilities to Spruce Lake; records $170M after-tax loss

## Summary
- Sold Redco subsidiary holding all asbestos liabilities and about $550M cash to Spruce Lake on Aug 12, 2022.
- One-time after-tax loss of ~$170M in Q3 2022, excluded from adjusted EPS; asbestos obligations removed from balance sheet.
- Entered $400M 364-day credit facility on Aug 11, 2022, with interest based on base rate or Term SOFR plus margins.
- Buyer contributed $83M to Redco; Crane financed its contribution via short-term debt and cash.
- Transaction expected to increase annual free cash flow by eliminating asbestos-related defense and indemnity payments.

## SEC filing metadata
- accession: 0001193125-22-221338
- form_type: 8-K
- ticker: CXT
- cik: 0000025445
- company_name: Crane NXT, Co.
- filed_at: 2022-08-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/25445/000119312522221338/0001193125-22-221338-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/25445/000119312522221338/d277074d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-221338
- JSON: https://secwatch.observer/filing/0001193125-22-221338.json
- Plain text: https://secwatch.observer/filing/0001193125-22-221338.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.