Crane NXT, a premier industrial technology company, announced the completion of its acquisition of OpSec Security, a global leader in brand protection and authentication solutions. This acquisition is seen as a major milestone in Crane NXT’s growth strategy, enabling the company to expand its capabilities across the authentication value chain and strengthen its position as a leader in providing security solutions. The integration of OpSec will enhance Crane NXT’s platform for securing, detecting, and authenticating valuable assets for its customers.
As part of the acquisition, Crane NXT is renaming its “Crane Currency” reportable segment to “Security and Authentication Technologies,” which will include both the Crane Currency business and the newly acquired OpSec business. The CPI segment remains unchanged. This structural update aligns with Crane NXT’s strategic focus on expanding its portfolio of technology solutions. The new segment presentation will be effective in the second quarter of 2024 and does not affect the financial results of the first quarter.
Sam Keayes, President of Crane Currency, has been promoted to Senior Vice President and will oversee the Security and Authentication Technologies segment, reporting directly to CEO Aaron W. Saak. Keayes has played a crucial role in expanding the Crane Currency business and its micro-optics technology globally. Dr. Selva Selvaratnam will continue to lead OpSec, reporting to Keayes. Keayes expressed enthusiasm for supporting the OpSec team in addressing brand reputation and counterfeiting challenges with comprehensive authentication solutions.
Crane NXT expects the acquisition to be accretive to Adjusted EPS by 2025 and aims to achieve double-digit ROIC within five years. The company will provide updated full-year guidance during its first quarter 2024 earnings release on May 8, 2024. Crane NXT, known for its advanced micro-optics technology and sophisticated electronic equipment, has a global presence with approximately 4,000 employees. OpSec Security, with its extensive experience in authentication and brand integrity, serves leading brand owners and governments worldwide, providing solutions across physical and digital domains.
