Crane Holdings Co., together with its subsidiaries, manufactures and sells engineered industrial products in the Americas, Europe, the Middle East, Asia, and Australia. The company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. The Process Flow Technologies segment provides engineered fluid handling equipment for mission critical applications. It offers process valves and related products, commercial valves, and pumps and systems. The Payment & Merchandising Technologies segment provides high technology payment acceptance and dispensing products to original equipment manufacturers, and for certain vertical markets. This segment also offers currency handling and processing systems, cash and cashless payment and merchandising solutions, equipment service solutions, and connected managed service solutions. The Engineered Materials segment manufactures fiberglass-reinforced plastic panels and coils, primarily for use in the manufacturing of recreational vehicles and in commercial and industrial buildings applications. It provides products and solutions to customers across end markets, including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a range of general industrial and consumer applications. The company was formerly known as Crane Co. and changed its name to Crane Holdings Co. in May 2022. Crane Holdings Co. was founded in 1855 and is based in Stamford, Connecticut.
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Here are 1-2 brief analogies for Crane NXT (CXT):
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The Intel Inside of secure payment and anti-counterfeiting systems.
(CXT provides the sophisticated core technology for validating currency, authenticating products, and securing transactions, much like Intel provides the essential processors for computers.)
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Like Visa or Mastercard, but for ensuring the authenticity of physical currency and goods.
(While Visa/Mastercard secure digital transactions, CXT provides the critical technologies and features that ensure the trust and authenticity of physical banknotes, postal stamps, and consumer goods, protecting against counterfeiting and fraud.)
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- Secure Banknotes: Manufactures high-security currency paper and integrates advanced anti-counterfeiting features for central banks worldwide.
- Payment Technology Solutions: Develops and supplies banknote validators, coin changers, and cashless payment systems for vending, gaming, retail, and other self-service markets.
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Crane NXT (CXT) primarily sells its technology-led solutions to other companies and government entities, rather than directly to individuals.
Due to the nature of its business and as stated in its SEC filings (e.g., its 2023 10-K report), no single customer accounted for more than 10% of Crane NXT's consolidated net sales. Therefore, the company does not publicly disclose the names of specific major customer companies.
However, based on its two primary reporting segments, Crane NXT serves the following categories of customers:
1. Central Banks and Government Authorities: For its Currency Technology segment, Crane NXT provides advanced security features and technologies for banknotes, as well as solutions for currency issuance and management. These customers are governmental or quasi-governmental institutions responsible for a nation's monetary policy and currency supply.
2. Original Equipment Manufacturers (OEMs): In its Payment & Merchandising Technologies (CPI) segment, Crane NXT sells components like currency validators, coin acceptors, and cashless payment systems. These are integrated by OEMs into various end products such as vending machines, self-checkout kiosks, gaming machines, ATMs, and laundry equipment.
3. Operators and Distributors: Also within the Payment & Merchandising Technologies (CPI) segment, Crane NXT serves companies that directly operate machines equipped with their payment solutions (e.g., vending machine operators, casino operators, retail chains managing their own self-service points) and distributors who resell Crane NXT's products to a broader market of businesses.
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Aaron W. Saak President & Chief Executive Officer
Aaron W. Saak was appointed President and Chief Executive Officer of Crane NXT in November 2022. He has over 20 years of experience leading technology-focused businesses for multinational organizations. Before joining Crane, Mr. Saak served as President and CEO of Mobility Solutions and President of Gilbarco Veeder-Root (GVR), a subsidiary of the Vontier Corporation, which had approximately $2 billion in revenue and sales in over 40 countries. His previous experience also includes senior leadership roles with Tyco International, where he was Vice President and General Manager for the SimplexGrinnell business, and a ten-year tenure at General Electric.
Christina Cristiano Senior Vice President, Chief Financial Officer
Christina Cristiano was appointed Senior Vice President and Chief Financial Officer of Crane NXT in 2023. Prior to this role, she served as Vice President, Controller and Chief Accounting Officer at Crane Holdings, Co. from 2019 to 2023. Ms. Cristiano spent a decade at Thomson Reuters, holding positions of increasing responsibility, including Vice President, Global Controller from 2016 to 2019, where she led the company's global accounting and statutory reporting organization and played a key role in transaction execution. She began her career at Ernst & Young, spending 14 years and advancing to Senior Manager in Transaction Advisory Services.
Paul G. Igoe Senior Vice President, General Counsel and Secretary
Paul G. Igoe serves as the Senior Vice President, General Counsel, and Secretary for Crane NXT.
Sam Keayes Senior Vice President, Security and Authentication Technologies
Sam Keayes is the Senior Vice President of Security and Authentication Technologies at Crane NXT. He leads the segment focused on advanced security solutions for physical products, including banknotes, consumer goods, and industrial products.
Michael Mahan President, Crane Payment Innovations (CPI)
Michael Mahan is the President of Crane Payment Innovations (CPI) at Crane NXT. The CPI segment offers electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions.
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Here are the key risks to Crane NXT's business:
- Erosion of Currency Demand by Cashless Payments: A significant risk to Crane NXT's business is the potential for cashless payment methods to reduce the demand for physical currency faster than anticipated. This could unravel the company's growth narrative, especially given its historical focus on currency production and security solutions.
- Increased Debt Levels and Financial Stress: Crane NXT has increased its debt, with total debt reaching $1,129.2 million as of June 30, 2025. The company's Altman Z-Score of 2.26 places it in a "grey area," suggesting some financial stress. Elevated debt levels can limit financial flexibility and increase the company's vulnerability to economic downturns or interest rate fluctuations.
- Challenges with Acquisition Integration and Synergy Realization: Crane NXT has actively engaged in mergers and acquisitions, such as OpSec Security, De La Rue Authentication Solutions, and Antares Vision. The success of these strategic moves depends on the effective integration of the acquired businesses and the realization of planned synergies. Delays, difficulties, or outright failures in integration could negatively impact the company's profitability and growth prospects. Operating margins have already been pressured by integration costs.
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The clear emerging threat for Crane NXT (CXT) is the accelerating global trend towards digital payments and the development and potential adoption of Central Bank Digital Currencies (CBDCs). As central banks worldwide explore and pilot CBDCs, there is a long-term potential for a significant reduction in the demand for physical banknotes. This shift could directly impact CXT's core Currency Business, which provides banknote security features, substrates, and processing equipment, by reducing the overall volume of new banknotes required.
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Crane NXT (CXT) operates in two primary segments: Crane Payment Innovations (CPI) and Security and Authentication Technologies (SAT).
Crane Payment Innovations (CPI)
This segment specializes in providing electronic equipment and associated software for payment verification and authentication. Its offerings include currency validation technologies, cash management systems, digital payment technologies, mobile applications, security, and digital advertising. CPI serves a diverse range of industries such as gaming, retail, transportation, vending, and financial services.
The estimated annual revenue for Crane Payment Innovations is approximately $1.3 billion globally.
Security and Authentication Technologies (SAT)
The SAT segment delivers advanced security solutions, leveraging proprietary micro-optics technology to secure physical products, including banknotes, consumer goods, and industrial products. Additionally, it offers brand protection, authentication solutions, and digital content protection across various online platforms.
Information on the specific addressable market size for Crane NXT's Security and Authentication Technologies (SAT) products is not readily available in the provided search results. Therefore, the market size for this segment is null.
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Crane NXT (CXT) is poised for future revenue growth over the next two to three years, driven by several key factors:
- Growth in U.S. Currency Business: The company anticipates high single-digit revenue growth in its U.S. currency business in 2026. This is primarily fueled by the Federal Reserve's 2026 print order, which projects an approximate 90% increase in demand for higher denomination banknotes ($10, $20, $50, and $100). The planned introduction of a new $10 banknote in mid-2026 is also expected to contribute to this growth.
- Expansion of International Currency Business: Crane NXT has demonstrated strong momentum in its international currency business, securing several new customer wins, including a significant contract with a Latin American country. The increasing adoption of its micro-optics technology in new currency denominations globally is a key driver for this segment.
- Strategic Acquisition of Antares Vision: The acquisition of Antares Vision, a prominent provider of detection, inspection, and track and trace technologies for the life sciences and food & beverage sectors, is expected to enhance Crane NXT's capabilities in detection, inspection, and authentication. This strategic move, with integration planned by 2026, is anticipated to drive future expansion and strengthen the company's market presence.
- Strong Performance in Security and Authentication Technologies (SAT) Segment: The Security and Authentication Technologies (SAT) segment, which encompasses currency and authentication solutions, continues to exhibit robust performance and momentum. This segment has been a significant contributor to the company's upward revision of its full-year sales growth guidance.
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For Crane NXT (CXT), capital allocation decisions over the last 3-5 years, primarily since its separation in April 2023, include the following:
Share Issuance
- Crane NXT had 56,937,956 shares outstanding as of January 31, 2024.
- The number of shares outstanding increased by 0.43% in one year, reaching 57.42 million.
Outbound Investments
- Crane NXT acquired OpSec Security, a global leader in brand protection and authentication solutions, in 2024.
- The company is on track to close the acquisition of De La Rue Authentication Solutions in the second quarter of 2025.
- In September 2025, Crane NXT acquired Antares Vision S.p.A., a global leader in inspection, detection, and track & trace technologies, for an enterprise value of 445 million Euros, with plans to take the company private by the first half of 2026.
Capital Expenditures
- Capital expenditures were approximately $31.1 million in 2023, primarily driven by investments to support the U.S. Currency redesign program and other capital projects.
- Expected capital expenditures for 2024 were approximately $50 million.
- Higher capital expenditures in 2024 and planned investments in 2025 continued to focus on upgrading technology and equipment for the new U.S. banknote series.
