Crane NXT, Co. CXT → Crane Company CR
| Parent | Crane NXT, Co. CXT |
|---|---|
| Spinco | Crane Company CR |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Crane Company share for every 1 Crane Holdings share |
| Ratio note | Holders of record were holders of Crane Holdings, Co., which renamed itself Crane NXT at completion. |
| Checked against EDGAR | 2026-08-22 |
Data trap
The ticker CR changes company at day zero, which is the most dangerous shape in this dataset. Through April 3, 2023 CR is the parent, Crane Holdings, Co.; from April 4 it is the spinco, Crane Company, while the parent trades as CXT. A price series keyed on CR without regard to the date splices the parent's history onto the spinco's prices and produces a return for a company that did not exist. Naming is confusing in its own right: EDGAR lists the spinco as Crane Co while its filings say Crane Company, and the pre-2022 Crane Co. is the other CIK entirely.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-03-30Separation announced
- 2022-12-15Form 10 filed
- 2023-01-24Form 10 last amended
- 2023-02-07Form 10 effective
- 2023-03-23Record date
- —When-issued trading opens
- 2023-04-03Distribution
- 2023-05-10First standalone earnings
- —Index inclusion announced
Performance since separation
| Crane Company since separation | +163.81% |
|---|---|
| Crane NXT, Co. over the same window | +26.32% |
| S&P 500 (SPY) over the same window | +86.33% |
| Russell 2000 (IWM) over the same window | +68.06% |
| Excess over the S&P 500 | +77.48% |
| Excess over the Russell 2000 | +95.75% |
Measured from the first regular-way close on or after the distribution — 2023-04-04 at 79.00 — to 2026-08-21 at 208.41. Window: 3.4 years. The 2023-04-03 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +3.11% |
|---|---|
| Combined (Crane NXT, Co. + Crane Company), pre-distribution to now | +556.04% |
| Combined excess over the S&P 500 | +469.00% |
| Combined excess over the Russell 2000 | +487.90% |
Combined treats a pre-spin holding as 1 Crane Company share for every 1 Crane Holdings share valued at the parent's last close before regular post-spin trading resumed — 2023-03-31 at 39.42 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2022-12-15 · 0001193125-22-305284Initial Form 10 registration statement
- 10-12B/Afiled 2023-01-24 · 0001193125-23-013338Final Form 10 amendment
- 8-Kfiled 2023-02-07 · 0001193125-23-027065Announces the Form 10 was declared effective February 7, 2023
- 8-Kfiled 2023-03-08 · 0001193125-23-064671Definitive information statement: 1-for-1 ratio, March 23 record date, 5:00 p.m. April 3 distribution, and the Crane Holdings to Crane NXT rename with the symbol moving from CR to CXT
- 8-Kfiled 2023-04-03 · 0001193125-23-089719Completion; press release states Crane Company begins trading on the NYSE under CR on April 4, 2023
- 10-Qfiled 2023-05-10 · 0001628280-23-017288First periodic report; 56,729,142 shares outstanding
Notes
Crane Holdings separated its aerospace, flow and engineered-materials businesses as Crane Company, while the remaining payment and merchandising technology business renamed itself Crane NXT. The entity that kept the original CIK is the parent, and it is the one that changed name and ticker. Left unclassified: both carry the same generic fabricated-metal code, so the two-digit test says non-focus-increasing, while payment technology and aerospace components are not one industry in any practical sense. Classified focus_increasing: the Form 10 defines Crane Company as focused on aerospace, defense and process-industry markets, while Crane NXT retains payment and currency-authentication technology — the board's own 'Reasons for the Spin-Off' frames these as different industries with different end markets and cyclicality, not sub-segments of one machinery business. Crane Company borrowed roughly $300 million specifically to fund a $300 million cash dividend to Crane NXT at separation. Unusually, Crane Company (the legal spinnee) is the accounting successor because it is larger by assets and sales — its full historical financials carry forward, while Crane NXT is presented as discontinued operations.