GGRAsia – Casino Cash Technology Provider Crane Completes Sale of Supply Business

Casino cash technology provider Crane completes sale of supply business

Crane Co, a provider of products and services to sectors such as cash handling in the casino industry, said on Wednesday it completed the May 31 sale of its Canada-based distribution business. Crane Supply was sold for 380 million CAD (300 million $US) to Groupe Deschênes Inc, a Canadian distributor of industrial products.

Crane is involved in payment and merchandising technologies; aerospace and electronics; and engineered materials and fluid handling services.

The company said last week that plans to sell the group’s engineered materials business had been terminatedfollowing competition-related objections by the United States Department of Justice.

The company is restructuring its business portfolio as part of the plan to separate the group into two listed companies.

In March, Crane announced a plan to separate into two independent companies. The plan would see Crane Co cover the aerospace and electronics segment, the process flow technologies business and integrate the engineering materials business; while the payments and merchandising technology business would transform into Crane NXT.

In April, Crane reported net profit in the first quarter of $105.0 million, down 3.1% year-on-year, but up 45.6% sequentially.