WALTHAM, Mass., Oct. 15, 2024 (GLOBE NEWSWIRE) — Crane NXT, Co. (NYSE: CXT), a premier industrial technology company, today announced it has signed a definitive agreement with De La Rue plc to acquire its authentication business for 300 million British pounds in cash, subject to customary adjustments.
De La Rue Authentication Solutions is a global leader in security and authentication technologies. The acquisition complements the authentication and online brand protection solutions of OpSec and expands Crane NXT’s portfolio to include security technologies for the identification documents and credentials market.
Aaron W. Saak, Crane NXT’s President and Chief Executive Officer, stated: “The acquisition of De La Rue Authentication Solutions accelerates our strategy as a market leader in providing trusted technology solutions that secure, detect and authenticate our customers’ most valuable assets. Protection from counterfeiting and illicit trade is a priority for governments and leading commercial product brands. This acquisition expands our technology capabilities and will drive profitable growth in new markets.”
Clive Whiley, Chairman of De La Rue, stated “We are delighted to reach agreement with a company with the stature of Crane NXT, with its complementary strengths, and are confident that the Authentication Division will continue to build on the considerable successes that it has achieved over the last ten years.”
De La Rue Authentication Solutions is a leading global provider of digital and physical security and authentication technologies to governments and brands, delivering more than 30-years of industry-leading authentication solutions in nearly 80 countries. Their advanced security features include surface-relief micro-structures and holographic technologies. The company also offers advanced solutions that track and authenticate unique items across global supply chains, complementing Crane NXT’s growing authentication business.
Financials and Closing Conditions
This agreement does not include the currency business of De La Rue. The acquisition is expected to close in the first half of 2025, subject to customary closing conditions. De La Rue Authentication generated approximately $130 million in revenue in the fiscal year ended March 30, 2024, with an adjusted EBITDA margin of approximately 20%. Crane NXT expects the acquisition to be accretive to Adjusted EPS in the first full year and to achieve double digit ROIC by year five, driven by the growth outlook of De La Rue Authentication Solutions as well as transaction synergies.
About Crane NXT, Co.
Crane NXT is a premier industrial technology company that provides trusted technology solutions to secure, detect, and authenticate what matters most to its customers. Crane NXT is a pioneer in advanced micro-optics technology for securing physical products, and its sophisticated electronic equipment and associated software leverages proprietary core capabilities with detection and sensing technologies. Crane NXT has approximately 4,500 employees with global sales, research and development, and operations facilities in the United States, the United Kingdom, Mexico, Japan, Germany, Sweden, and Malta. For more information, visit www.cranenxt.com.
