Crane Holdings Co., a diversified manufacturer of highly engineered industrial products, announced the appointment of Aaron W. Saak to the position of president and CEO of Crane NXT, a premier industrial technology business.
Crane had previously announced it will form Crane NXT as part of its planned separation into two independent, publicly traded companies through a transaction currently expected to be completed in early April 2023.
Max Mitchell, Crane president and CEO, said in the announcement: “Aaron has a long and successful record of managing large and complex enterprises. 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.”
Saak added in the announcement: “I am delighted and honored to have the opportunity to lead Crane NXT’s accomplished executive team. Crane NXT is composed of businesses with strong legacies and track records, along with a deep team of talented professionals. I look forward to helping the organization pursue a focused growth strategy leveraging NXT’s differentiated and proprietary technology in both existing and new markets.”
Saak has 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, with approximately $2 billion in revenue, 6,000 employees and sales in over 40 countries. During his tenure, he developed and executed a strategy focused on driving growth within the core business, diversifying and expanding into emerging markets, and adding new technologies to prepare the organization for the future. He successfully completed multiple acquisitions focused on diversifying into higher growth, recurring revenue business models, while consistently driving sales growth and margin expansion. Prior to joining GVR, Saak spent eight years at Tyco International in roles of progressive responsibility, including a tenure as vice president and general manager for the SimplexGrinnell division, a multi-billion revenue business with over 100 offices across the U.S., where he orchestrated and managed a major organizational transformation. Saak’s career also included 10 years at General Electric with continuous expansion of responsibilities.
Update on previously announced separation
On March 30, 2022, Crane announced that its board of directors had unanimously approved a plan to pursue a separation into two independent, publicly-traded companies to optimize investment and capital allocation, accelerate growth, and unlock shareholder value. Upon completion, Crane shareholders will benefit from ownership in two focused and simplified businesses that are both leaders in their respective industries and well-positioned for continued success:
Crane NXT will be a premier industrial technology business, with substantial global scale, a best-in-class margin profile, and strong free cash flow generation. This year, the Payment and Merchandising Technologies (PMT) business that will become Crane NXT is expected to achieve approximately $1.4 billion in sales with a pre-corporate adjusted EBITDA margin approaching 30%. In addition to its market-leading brands, Crane NXT 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. The executives currently leading Crane’s PMT business will continue to serve in senior positions with Crane NXT under the leadership of Saak.
Crane Company will be a leading global provider of mission-critical, highly engineered products and solutions, with differentiated technology, respected brands, and leadership positions in its markets. After the separation, Crane Company will include the Aerospace & Electronics and Process Flow Technologies global growth platforms, as well as the Engineered Materials segment.
Rich Maue, Crane senior vice president and chief financial officer, said in the announcement: “We are on-track to complete the separation as planned at the beginning of April 2023. Our carve-out financials are complete, we have a clearly defined plan for the organizational design of both post-separation companies, and we continue to make substantial progress in building the corporate teams for both companies. We expect the Form 10 Registration Statement for the separation to be available publicly before the end of the year, and we will continue to provide additional details and updates in the coming months.”
