May 09, 2024 Newsdesk Industry Talk, Latest News  
Crane NXT Co, a maker of products including ones for the gaming sector, says it had completed the US$270-million acquisition of OpSec Security Group Ltd, a provider of brand protection and authentication services. The suitor said the acquisition of OpSec was a “major milestone” in the execution of its growth strategy.
In a Wednesday press release, Crane NXT stated it was increasing its full-year 2024 guidance on sales performance by between 5 percent and 8 percent following the addition of OpSec to the group.
Aaron Saak, Crane NXT’s president and chief executive, was cited as saying in the announcement: “With the acquisition of OpSec Security, we believe we have an industry-leading portfolio of digital and physical authentication and brand protection solutions, strengthening our position as a market leader providing trusted technology solutions to secure, detect and authenticate our customers’ most valuable assets.”
The CEO noted the firm “made meaningful progress” in the first quarter of 2024, “advancing our strategy and executing on our plan to grow sales to US$3 billion by 2028”.
Crane NXT reported net sales of US$313.6 million for the first quarter of 2024, a 4.7-percent decline from the prior-year period.
“The sales decrease was comprised of core sales decline of US$13.9 million, or 4.2 percent, primarily driven by lower volumes at Crane Payment Innovations (CPI), and unfavourable foreign exchange of US$1.6 million, or 0.5 percent,” said the firm.
The company posted net income attributable to shareholders of US$37.8 million for the three months to March 31, compared with US$43.7 million a year earlier.
Crane NXT announced a dividend of US$0.16 per share for the second quarter of 2024, payable on June 12.
The group’s Crane Payment Innovations business recorded first-quarter net sales of US$209.0 million, down 6.6 percent year-on-year. The segment’s operating profit stood at US$52.7 million.
Crane Currency achieved net sales of US$104.6 million in the opening quarter of 2024, flat from a year ago. Operating profit for the segment stood at US$20.2 million.
Mr Saak said the company’s first-quarter results “were in line” with the group’s expectations as its “core businesses delivered solid operational performance”.
“As we look ahead, we remain focused on driving profitable growth and creating shareholder value,” stated the CEO. “We will also continue to leverage our strong balance sheet to further expand and diversify our portfolio through disciplined, strategic mergers and acquisitions.”
In a separate announcement on Tuesday, Crane NXT said it was renaming its “Crane Currency” reportable segment to “Security and Authentication Technologies,” which will consist of the Crane Currency business and the acquired OpSec business.
Crane NXT also announced that Sam Keayes, president of Crane Currency, had been promoted to senior vice president, overseeing the Security and Authentication Technologies segment.
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