Crane announces timing of previously announced separation

Crane Holdings announced the timing and additional details regarding its previously announced separation into two independent, publicly traded companies. 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. Crane Holdings, Co. will retain the Payment & Merchandising Technologies businesses and will be renamed Crane NXT, Co. immediately following the separation. The Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses will be owned by the newly created public company, named Crane Company. At 5:00 p.m. (New York City time) on the expected distribution date of April 3, 2023 (the "distribution date"), Crane Holdings, Co. shareholders of record as of 5:00 p.m. (New York City time) on March 23, 2023 (the "record date") will receive one share of Crane Company common stock for every share of Crane Holdings, Co. common stock they hold on the record date. Upon completion of the separation, Crane Holdings, Co. shareholders as of the record date will own 100% of the equity in both of the publicly traded companies. No action is required by Crane Holdings, Co. shareholders as of the record date to receive the distributed shares of Crane Company common stock. Shares of Crane Holdings, Co. common stock are expected to continue to trade "regular way" on the New York Stock Exchange (the "NYSE") under its current ticker symbol "CR" from the record date through the distribution date. Beginning on or about March 29, 2023 through the distribution date, it is expected that there will be two markets in Crane Holdings, Co. common stock on the NYSE: the "regular way" market under Crane Holdings, Co.’s current ticker symbol "CR" and the "ex-distribution" market under the ticker symbol "CXT WI." Prior to the distribution, shares of Crane Holdings, Co. common stock that trade in the "regular way" market will trade with the right to receive shares of Crane Company common stock on the distribution date. Shares of Crane Holdings, Co. common stock that trade in the "ex-distribution" market will trade without the right to receive shares of Crane Company common stock on the distribution date. After the distribution, Crane Holdings, Co. will be renamed Crane NXT, Co. and, on April 4, 2023, it is expected that the shares of Crane NXT, Co. common stock will trade "regular way" under the ticker symbol "CXT."