Crane Co., a diversified manufacturer of industrial products, including vending machines and payment systems, said it will purchase Crane Currency from private-equity firm Lindsay Goldberg,members of the Crane family and other shareholders, for $800 million on a cash- free and debt-free basis.

Founded in 1801, Crane Currency is a pioneer in advanced micro-optic security technology, and a fully integrated supplier of secure, highly-engineered banknotes for central banks all over theworld.

Stamford, CT-based Crane Co.'s Crane Merchandising Systems unit is the nation's largest manufacturer of vending machines, vending software systems and cashless payments technology. ItsCrane Payment Innovations is a leading producer of cash and cashless payment systems.

"We are extremely excited to announce this transaction, which will be Crane Co.'s second largest ever, and brings together two companies with nearly 380 years of combined history. CraneCurrency is the fastest-growing fully integrated global currency provider in the growing global banknote supply and security industry," said Crane Co. chief executive Max Mitchell. "Makingit part of Crane Co. is a logical extension of our expanding presence in the currency and payment markets. Our combined businesses will be able to offer end-to-end currency and security solutions,from substrate manufacturing and banknote design and printing to micro-optics and banknote validation."

Crane Currency is expected to have 2017 sales of approximately $500 million. Crane Co. intends to finance the acquisition through a combination of cash on hand and additional debt. The transactionis expected to take place early in the first quarter of 2018.

To read the complete article, see:
Crane Co. To Acquire Banknote Manufacturer Crane Currency For $800 Million(https://www.vendingtimes.com/articles/crane-co-to-acquire-banknote-manufacturer-crane-cu-11256)

To read the complete press release, see:
Diversified Industrial Crane Co. to Acquire Boston-BasedCrane & Co., Inc. ("Crane Currency") for $800 Million(http://files.shareholder.com/downloads/CR/5682797683x0x965930/1ccba512-8a34-4ced-ac90-c23bf6a1c612/CR_News_2017_12_5_General.pdf)

To visit the company web sites, see:
https://www.cranecurrency.com/
http://www.craneco.com