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Spin-offs/Crane NXT (formerly Crane Holdings, Co.) → Crane Company

Crane CompanyCR

Spin-off from Crane NXT (formerly Crane Holdings, Co.) (CXT) · Apr 3, 2023 · NYSE

Announced
—
Form 10 filed
Jan 24, 2023
Record date
Mar 23, 2023
Distributed
Apr 3, 2023
Ratio
1 : 1
Debt loaded
—
Cash to parent
—
Latest filing
Jan 24, 2023

one share of Crane Company for every one share of Crane Holdings, Co.

Documents

Form 10Information statementNew company filingsParent filings

Both companies today

The new company
Crane CompanyCR
Market cap
$11.8B
Moat
Narrow
Quality
58
Price
$204.69
Fair value
$159.29
Price / FV
1.28×
The parent
Crane NXT (formerly Crane Holdings, Co.)CXT
Market cap
$2.87B
Moat
Narrow
Quality
54
Price
$50.06
Fair value
$85.51
Price / FV
0.57×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Crane Company is a global provider of highly engineered, mission-critical industrial products through two platforms, Aerospace & Electronics and Process Flow Technologies, which together produced 89% of revenue in 2021, with the balance from Engineered Materials. The Payment & Merchandising Technologies segment stayed with the parent, renamed Crane NXT.

Stated rationaleCrane Holdings said two stand-alone companies would each have a focused strategy and capital allocation suited to distinct end markets.

The four questions

The four-question write-up for Crane Company is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.