U.S.-based Crane NXT Co has completed the acquisition of De La Rue Authentication Solutions, a supplier of security and authentication technologies.
Crane NXT made the announcement in a Thursday press release.
The acquisition was said to complement the authentication and online brand protection services offered by Crane NXT’s unit OpSec Security, while “expanding the company’s portfolio to include security technologies for government-issued identification documents and credentials”.
In October last year, Crane NXT announced a definitive agreement with De La Rue Plc to acquire the latter’s authentication business for GBP300 million (US$399.4 million at current rates) in cash. At the time, it was stated that the agreement would not include the currency business of the United Kingdom-based De La Rue Plc.
Crane NXT supplies a range of industries, including the gaming sector.
Thursday’s press release quoted Aaron Saak, Crane NXT’s president and chief executive, as saying: “The authentication solutions business is an excellent strategic fit with our security and authentication technologies segment, and further enhances our ability to serve as a trusted partner to our customers, leveraging our advanced technology capabilities to provide a broader suite of solutions to highly attractive end markets.”
In connection with the acquisition, Crane NXT also announced the creation of a new business unit within its security and authentication technologies segment, to be named “Crane Authentication”. This new unit will consist of OpSec Security and De La Rue Authentication Solutions.
“This updated structure will better enable the company to serve customers and drive significant value creation,” the firm stated.
Crane NXT added that it continues to expect the De La Rue Authentication Solutions acquisition to be accretive to adjusted earnings per share in its first full year, and to achieve a double-digit return on invested capital by the fifth year post-acquisition.
