Crane Holdings, Co. (“Crane,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, today announced that Paul G. Igoe has been appointed Senior Vice President, General Counsel, and Secretary of Crane NXT, a premier Industrial Technology business, effective March 20, 2023. In this role, Mr. Igoe, a highly experienced general counsel in the industrial technology sector, will lead the Company’s global legal, compliance, and corporate governance organizations and report directly to Crane NXT’s President and Chief Executive Officer Aaron W. Saak. Crane NXT is scheduled to become an independent company on April 3, 2023, following completion of the previously announced separation transaction, and it is expected to trade under the symbol “CXT” on the New York Stock Exchange (“NYSE”).
Mr. Saak said, “We are delighted to welcome Paul to the very strong leadership team we have assembled at Crane NXT as we begin our next stage of growth as an independent company. Paul brings deep legal expertise as well as a breadth of industry experience that will serve us very well as we execute on our organic and inorganic growth strategy to drive value creation for our shareholders.”
Mr. Igoe said, “Leveraging the trusted solutions Crane NXT offers to its customers and its excellent operating profile, the company is well positioned to take full advantage of long-term trends in security, detection, authentication technologies. I am excited to have the chance to work with Aaron and the team to take full advantage of the opportunities ahead and help build the company for the future.”
Prior to assuming the role at Crane NXT, Mr. Igoe served as EVP, General Counsel, Chief Compliance Officer, and Secretary of Excelitas Technologies Corp., a private-equity owned manufacturer of advanced photonics solutions. He assumed that role after having spent five years as the SVP, General Counsel, and Secretary of SS&C Technologies (NASDAQ: SSNC), which provides software-enabled services to financial institutions. Earlier in his career, he served for three years as VP, General Counsel, and Secretary for Lydall, Inc., a manufacturer of filtration media and thermal products, and for eight years as Associate General Counsel and Assistant Secretary at Teradyne, Inc. (NYSE:TER), a manufacturer of test equipment for the semi-conductor industry. Mr. Igoe had previously been a Junior Partner at Wilmer, Cutler, Pickering, Hale and Dorr LLP. He received his A.B. from the College of the Holy Cross and J.D. from the Georgetown University Law Center.
About Crane Holdings, Co. and the Upcoming Separation Transaction
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
As previously announced, Crane will be separating into two independent companies on April 3, 2023. The separation is expected to occur through a tax-free distribution of the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses to the Company’s shareholders. Payment & Merchandising Technologies will be renamed Crane NXT concurrent with the separation, and the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses will be named Crane Company. Upon completion of the separation, shareholders as of the record date will own 100% of the equity in both of the publicly traded companies.
The separation is subject to the satisfaction of customary conditions and final approval of the separation by Crane Holdings, Co.’s Board of Directors. Shareholder approval is not required.