US-based technologies firm Crane Holdings Co has named Aaron Saak as President and CEO of Crane NXT – a newly formed spin-off that will incorporate the group’s Payment and Merchandising Technologies business. The segment provides payment technology to the global gaming industry.
Crane recently announced it will form Crane NXT as part of a planned separation into two independent, publicly traded companies with the transaction expected to be completed in early April 2023.
The current Crane Co will continue to include the Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments.
Following the separation, Crane NXT will become a leading Industrial Technology business with US$1.4 billion in sales expected in FY22, the company said.
Crane said the newly formed entity “will differentiate itself through its technology leadership, positioning it to leverage long-term secular drivers including automation, security and productivity, across several high-growth adjacent markets.
“After the separation, Crane NXT will be positioned to drive earnings growth through continued investment in the business and value-enhancing bolt-on acquisitions. Its balance sheet and strong free cash flow will also allow it to support both significant acquisitions and capital return to shareholders.”
Saak himself brings significant experience to the role, having served as President and CEO of Mobility Solutions and President of Gilbarco Veeder-Root (GVR), a subsidiary of Vontier Corporation, the global technology leader in retail fueling systems, payment technology and related solutions.
“Aaron has a long and successful record of managing large and complex enterprises, said Crane President and CEO, Max Mitchell.
“He is adept at scaling businesses and integrating technology into product offerings to create the most efficient and effective solutions for customers. In his most recent role as President of Gilbarco Veeder-Root, Aaron was intimately involved with point-of-sale systems, cashless payment systems, media solutions, and merchandising and support services, areas that are core to many of Crane NXT’s current growth strategies.
“He also has a track record of identifying and integrating acquisitions focused on new technologies and diversification into adjacent high-growth markets. As a leader, Aaron is known for his ability to build strong teams with a high degree of entrepreneurial spirit and collaboration. I am highly confident that his background and experience will help Crane NXT continue to execute on its extremely strong and profitable core business, while concurrently pursuing new growth opportunities.”
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