News in Brief

Crane NXT Restructures Currency Business

Further to the completion of the acquisition of OpSec Security for $270 million, Crane NXT has announced a restructuring of its business segments.

Subsidiaries Crane Currency and Crane Authentication now form part of the new Security and Authentication technologies segment, along with the acquired OpSec business. The position of Crane Payment Innovations (CPI) remains unchanged and it will not form part of the new segment.

According to Crane NXT, this 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 will not affect the first quarter’s financial results.

As part of the restructuring, Sam Keayes, previously the President of Crane Currency, has been elevated to Senior Vice President. In this role, he will oversee the Security and Authentication Technologies segment and report directly to Crane NXT CEO Aaron Saak. Dr Selva Selvaratnam will continue leading OpSec and report directly to Mr Keayes.