What changed in this filing

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Item 1. Business

2024-02-26 compared with 2023-03-31 · 87 added, 186 removed, 54 unchanged (83% of the section changed)

In March 2022, the board of directors of Crane Holdings, Co.

authorized management to pursue a plan to separate spin-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to Crane Holdings, Co.s stockholders (the spin-off).

On February 7, 2023, the

SEC declared effective the registrants Registration Statement on Form 10, filed on December 15, 2022, as amended by Amendment No.

1 to the Registration Statement on Form 10, filed on January 24, 2023.

Crane Company, a Delaware corporation and

a direct, wholly owned subsidiary of Crane Holdings, Co., was newly formed for the purpose of separation and has not engaged in any activities except in preparation for the distribution.

The registrant expects the spin-off to be consummated on April

Crane Company

We are a diversified manufacturer of highly engineered

industrial products.

Our operations are currently comprised of three segments:

We are a diversified manufacturer of highly engineered industrial products.

Our operations are comprised of three segments:

Aerospace & Electronics (“A&E”), Process Flow Technologies (“PFT”), and Engineered Materials (“EM”).

Our primary end markets

include aerospace, defense and space, process industries, non-residential and municipal construction, along with a wide range of general industrial and certain consumer related end markets.

Our primary end markets include aerospace, defense and space, process industries, non-residential and municipal construction, along with a wide range of general industrial and certain consumer related end markets.

We have been committed to the highest standards of business conduct since inception in 1855 when our founder, R.T.

Crane, resolved to conduct my business in the

strictest honesty and fairness;

Crane, resolved “to conduct my business in the strictest honesty and fairness;

to avoid all deception and trickery;

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to be liberal and just toward employees;

and to put my whole mind upon the business. Our strategy is to grow earnings and

cash flow by focusing on the manufacturing of highly engineered industrial products for specific markets where our scale is a relative advantage, and where we can compete based on our proprietary and

differentiated technology, our deep vertical expertise, and our responsiveness to unique and diverse customer needs.

We continuously evaluate our portfolio, pursue acquisitions that complement

our existing businesses and selectively divest businesses where appropriate.

We strive to foster a performance-based culture focused on productivity and continuous improvement, to attract and retain a committed management team whose interests are

directly aligned with those of our shareholders, and to maintain a focused, efficient corporate structure.

We operate a comprehensive set of business processes,

philosophies and operational excellence tools to drive continuous improvement throughout our businesses (collectively, the Crane Business System).

Beginning with a core value of integrity, we incorporate Voice of the Customer teachings

(specific processes designed to capture our customers requirements) and a broad range of tools into a disciplined strategy deployment process to continuously improve safety, quality, delivery, cost and growth.

An embedded intellectual capital

development process helps ensure that we attract, develop, promote and retain talent to drive continuity and repeatable results.

and to put my whole mind upon the business.”

Our strategy is to grow earnings and cash flow by focusing on the manufacturing of highly engineered industrial products for specific markets where our scale is a relative advantage, and where we can compete based on our proprietary and differentiated technology, our deep vertical expertise, and our responsiveness to unique and diverse customer needs.

We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and selectively divest businesses where appropriate.

We strive to foster a performance-based culture focused on productivity and continuous improvement, to attract and retain a committed management team whose interests are directly aligned with those of our shareholders, and to maintain a focused, efficient corporate structure.

We operate a comprehensive set of business processes, philosophies and operational excellence tools to drive continuous improvement throughout our businesses (collectively, the Crane Business System).

Beginning with a core value of integrity, we incorporate “Voice of the Customer” teachings (specific processes designed to capture our customers’ requirements) and a broad range of tools into a disciplined strategy deployment process to continuously improve safety, quality, delivery, cost and growth.

An embedded intellectual capital development process helps ensure that we attract, develop, promote and retain talent to drive continuity and repeatable results.

Recent Transactions

Pending Separation

On March 30, 2022, Crane Holdings, Co.

announced that

its Board of Directors unanimously approved a plan to pursue a separation into two independent, publicly-traded companies (the Separation), Crane Company and Crane NXT, Co.

Upon completion of the pending Separation, Crane Holdings, Co.

will be renamed Crane NXT, Co. and will continue to operate Crane Holdings, Co.s Payment & Merchandising Technologies segment.

The new company distributed to the stockholders of Crane Holdings, Co.

in the Separation, Crane

Company, will hold Crane Holdings, Co.s Aerospace & Electronics and Process Flow Technologies global growth platforms, as well as Crane Holdings, Co.s Engineered Materials segment.

The Separation is expected to occur through a

tax-free distribution of all of the outstanding shares of Crane Company common stock to holders of Crane Holdings, Co.

common stock and is expected to be completed in April, 2023, subject to the satisfaction of customary conditions and final

approval by Crane Holdings, Co.s Board of Directors.

On February 7, 2023, the SEC declared effective our registration statement on Form 10.

Each Crane Holdings, Co.

stockholder will receive one share of Crane Company common stock for

every one share of Crane Holdings, Co.

common stock held on March 23, 2023, the record date for the distribution.

For additional information regarding the

Separation, including risk factors, see the Information Statement of Crane Company, filed as Exhibit 99.1 to the registration statement on Form 10 filed by Crane Company with the SEC on December 15, 2022, as amended by Amendment No.

1 filed with the

SEC on January 24, 2023.

Crane Company Credit Facilities

2023, Crane Company entered into a new senior unsecured credit agreement (the Credit Agreement), which provides for (i) a $500 million, 5-year Revolving Credit Facility (the Revolving Facility) and (ii) a $300 million, 3-year

term loan facility (the Term Facility), funding under each of which will become available substantially concurrently with the spin-off, subject to the satisfaction of customary conditions of facilities of this type.

The Revolving

Facility allows us to borrow, repay and re-borrow funds from time to time prior to maturity of the Revolving Facility without any penalty or premium, subject to customary borrowing conditions for facilities of this type and the reimbursement of

breakage costs.

Borrowings under the Term Facility are prepayable without premium or penalty, subject to customary reimbursement of breakage costs.

Interest on loans advanced under the Credit Agreement accrues, at our option, at a rate per annum

equal to (1) adjusted term SOFR for the applicable interest period plus a margin ranging from 1.50% to 2.25% or (2) a base rate plus a margin ranging from 0.50% to 1.25%, in each case, with such margin determined based on our total net leverage

We are required to pay a fee on undrawn commitments under the Revolving Facility at a rate per annum that ranges from 0.20% to 0.35%, depending on our total net leverage ratio.

The Credit Agreement contains customary affirmative and negative

covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with

affiliates and hedging arrangements.

As of the last day of each quarter, we must also maintain a total net leverage ratio not to exceed 3.50 to 1.00 (which, at the Crane Companys election, such maximum ratio may be increased to 4.00 to 1.00

for specified periods following our consummation of certain material acquisitions) and a minimum interest coverage ratio must be at least 3.00 to 1.00.

The Credit Agreement also includes for customary events of default, including failure to pay

principal, interest or fees when due, failure to comply with covenants, any representation or warranty made by us or any of our material subsidiaries being false in any material respect, default under certain other material indebtedness, certain

insolvency or receivership events affecting us and our material subsidiaries, certain ERISA events, material judgments and a change in control, in each case, subject to cure periods and thresholds where customary.

On April 3, 2023, Crane Holdings, Co.

completed the Separation into two independent, publicly-traded companies, Crane NXT, Co.

and Crane Company, through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of Crane Company to the stockholders of Crane Holdings, Co., which on April 3, 2023 was renamed “Crane NXT, Co.” The Distribution was effective at 5:00 p.m., Eastern Time, on April 3, 2023.

As a result of the Distribution, Crane Company became an independent public company.

Our common stock is listed under the symbol "CR" on the New York Stock Exchange.

Due to Crane Company’s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to Crane NXT, Co., among other factors, Crane Company was treated as the “accounting spinnor” and therefore was the “accounting successor” to Crane Holdings, Co.

for accounting purposes, notwithstanding the legal form of the Separation.

Therefore, following the Separation, the historical consolidated financial statements of Crane Company reflect the historical consolidated financial statements of Crane Holdings, Co.

with the Payment & Merchandising Technologies segment and other distributed assets and liabilities classified as discontinued operations.

On October 4, 2023, the Company completed the acquisition of Baum lined piping GmbH (“BAUM”).

BAUM is a German based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets.

BAUM is included in our Process Flow Technologies segment.

On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc.

Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms.

Vian will be included in the Aerospace & Electronics (“A&E”) segment.

Reportable Segments

For additional information on recent business

developments and other information about us and our business, please refer to the information set forth under the captions, Managements Discussion and Analysis of Financial Condition and Results of Operations, in Part II,

Item 7 of this report, as well as in Part II, Item 8 under Note 4, Segment Information, in the Notes to Combined Financial Statements for sales, operating profit and assets employed by each segment.

For additional information on recent business developments and other information about us and our business, please refer to the information set forth under the captions, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Part II, Item 7 of this report, as well as in Part II, Item 8 under Note 4, “Segment Information,” in the Notes to Consolidated Financial Statements for sales, operating profit and assets employed by each segment.

Aerospace & Electronics

The Aerospace & Electronics

segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets.

The commercial market and military market

accounted for 57% and 43%, respectively, of total segment sales in 2022.

The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets.

The commercial market and military market accounted for 60% and 40%, respectively, of total segment sales in 2023.

Sales to original equipment manufacturers ("OEMs") and aftermarket customers were 69% and 31%, respectively, in 2023.

We provide mission critical systems that require high reliability and high accuracy, such as pressure sensors for aircraft engine control, aircraft braking systems for

fighter jets, power conversion solutions for spacecraft and lubrication systems for the harshest and most hazardous environmental conditions.

Crane has differentiated proprietary technology and know-how supporting many of the fundamental

technologies that are supporting solutions where we are often sole source in the areas where we compete, with a track record for performance, reliability and continued innovation.

We provide mission critical systems that require high reliability and high accuracy, such as pressure sensors for aircraft engine control, aircraft braking systems for commercial aircraft and fighter jets, power conversion solutions for spacecraft and lubrication systems for the harshest and most hazardous environmental conditions.

Crane Company has invented many of the fundamental technologies that are now the industry standard in the areas where we compete, with a track record for performance, reliability and innovation.

A&E’s integrated capabilities include the following:

• Power Solutions:

Provides enabling technology to accelerate electrification of air, land, space and sea vehicles and

Provides enabling technology to accelerate electrification of air, land, space and sea vehicles and systems.

• Sensing Systems:

Provides components and systems for condition and position sensing, and pressure and flow

measurement, with high-accuracy, reliability and engineering to excel in rugged aerospace environments.

Provides components and systems for condition and position sensing, and pressure and flow measurement, with high-accuracy, reliability and engineering to excel in rugged aerospace environments.

• Fluid & Thermal Management:

Designs and manufactures positive displacement pumps, centrifugal pumps and

true mass flowmeters for aerospace and defense applications.

Designs and manufactures positive displacement pumps, centrifugal pumps and true mass flowmeters for aerospace and defense applications.

• Landing Systems:

Provides hydraulic and electric brake control systems with antiskid and autobrake functionality, as

well as electronic and hydraulic subsystems for landing gear control.

Provides hydraulic and electric brake control systems with antiskid and autobrake functionality, as well as electronic and hydraulic subsystems for landing gear control.

• Microwave Solutions:

Designs and manufactures high-performance RF and IF components and millimeter-wave systems and

subsystems for defense, space and commercial end-use customers.

A&E has a solid long term growth profile driven by positions on market

leading platforms, recent new program wins and continued investment in technology readiness.

The segment is also positioned to benefit from underlying market growth driven by increasing new commercial aircraft deliveries, air passenger travel

growth, defense investment, ongoing maintenance, repair and overhaul organizations (MRO) requirements and emerging applications in the space market, as well as a strong trend driving greater electrification for aerospace and defense

applications.

Our unique position to drive sustained growth is driven by differentiated technology investment focused on high-growth market segments, including Low Earth Orbit satellite constellations, next-generation aircraft engines, advanced

ground and sea-based radar systems, as well as high-power and bi-directional power conversion for numerous emerging commercial and military applications, including more-electric and hybrid-electric ground vehicles and hybrid-electric and pure

electric-propulsion aircraft.

Designs and manufactures high-performance RF and IF components and millimeter-wave systems and subsystems for defense, space and commercial end-use customers.

A&E has a long-term growth profile driven by positions on market leading platforms, recent new program wins and continued investment in technology readiness.

The segment is also positioned to benefit from underlying market growth driven by increasing new commercial aircraft deliveries, air passenger travel growth, defense investment, ongoing maintenance, repair and overhaul organizations (“MRO”) requirements and emerging applications in the space market, as well as a strong trend driving greater electrification for aerospace and defense applications.

Our unique position to drive sustained growth is driven by differentiated technology investment focused on high-growth market segments, including next-generation aircraft engines, advanced ground and sea-based radar systems, Low Earth Orbit satellite constellations, as well as high-power and bi-directional power conversion for numerous emerging commercial and military applications, including more-electric and hybrid-electric ground vehicles and hybrid-electric and pure electric-propulsion aircraft.

Facilities are located in the United States, Taiwan, and France.

Process Flow Technologies

The Process Flow Technologies segment is a

provider of highly engineered fluid handling equipment for mission critical applications that require high reliability.

The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability.

The segment is comprised of Process Valves and Related Products, Pumps and Systems and Commercial Valves.

• Process Valves and Related Products:

Manufactures a wide range of on/off isolation valves, including check valves,

sleeved plug valves, lined valves, process ball valves, high performance butterfly valves, bellows sealed globe valves, aseptic and industrial diaphragm valves and multi / quarter-turn valves actuation.

Other related products include lined pipe,

fittings and hoses, air operated diaphragm and peristaltic pumps, instrumentation and sampling systems, valve positioning and control systems, valve diagnostic and calibration systems.

Across the portfolio, the primary focus is on chemical,

pharmaceutical and general industrial end markets.

Manufactures a wide range of on/off isolation valves, including check valves, sleeved plug valves, lined valves, process ball valves, high performance butterfly valves, bellows sealed globe valves, aseptic and industrial diaphragm valves and multi / quarter-turn valve actuation.

Other related products include lined pipe, fittings and hoses, air operated diaphragm and peristaltic pumps, instrumentation and sampling systems, valve positioning and control systems, and valve diagnostic and calibration systems.

Across the portfolio, the primary focus is on chemical, pharmaceutical and general industrial end markets.

Manufacturing facilities, along with sales and service centers, are located across North America, Europe, the Middle East, Asia and Australia.

• Pumps and Systems:

Manufactures pumps products for water and wastewater applications, primarily in the United States

municipal and industrial markets.

Manufactures pumps products for water and wastewater applications, primarily in the United States municipal and industrial markets.

• Commercial Valves:

Manufactures valves and related products for the non-residential construction, gas utility and

municipal markets.

Manufactures valves and related products for the non-residential construction, gas utility and municipal markets.

The primary geographies served by the manufacturing operations are the United Kingdom, the Middle East and continental Europe.

Our portfolio strategically targets the higher growth and less cyclical chemical, general industrial, water and wastewater and pharmaceutical industries.

these industries to be outsized growth segments of the market, driven by investment in sustainability and clean energy, aging infrastructure, tightening wastewater regulations and an aging population with a growing demand for healthcare.

Crane has a strong track record of innovation and being a pioneer in the industry, writing the book on the

flow of fluids with Technical Paper 410, which is still used as a definitive authority on the topic for engineers, professionals and other practitioners.

By focusing on accelerating the rate of innovation through R&D investment, we have driven

incremental market capture and significantly improved new product sales vitality to support long term profitable growth.

We expect these industries to be outsized growth segments, driven by investment in sustainability and clean energy, aging infrastructure, tightening wastewater regulations and an aging population with a growing demand for healthcare.

Crane has a track record of innovation and being a pioneer in the industry, “writing the book” on the flow of fluids with Technical Paper 410, which is still used as a definitive authority on the topic for engineers, professionals and other practitioners.

By focusing on accelerating the rate of innovation through R&D investment, we have driven incremental market capture and improved new product sales vitality to support long term profitable growth.

Engineered Materials

The Engineered Materials segment manufactures fiberglass-reinforced plastic (FRP) panels and coils, primarily for use in the manufacturing of recreational

vehicles (RVs), and in commercial and industrial buildings applications, with some additional applications including trailers and other transportation-related products.

Engineered Materials sells the majority of its products directly to

RV, trailer, and truck manufacturers, and it uses distributors and retailers to serve the commercial and industrial construction markets.

The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), and in commercial and industrial buildings applications, with some additional applications including trailers and other transportation-related products.

Engineered Materials sells the majority of its products directly to RV, trailer, and truck manufacturers, and it uses distributors and retailers to serve the commercial and industrial construction markets.

Manufacturing facilities are located in the United States.

Other Matters Relating to Our Business as a Whole

Competitive Conditions

Our businesses participate in markets that are highly competitive.

Because of the diversity of products manufactured and sold, our businesses

typically have a different set of competitors in each geographic area and end market in which they participate.

Because of the diversity of products manufactured and sold, our businesses typically have a different set of competitors in each geographic area and end market in which they participate.

Accordingly, it is not possible to estimate the number of competitors, or precise market share;

however, we believe that we are a

principal competitor in most of our markets.

however, we believe that we are a principal competitor in most of our markets.

Our primary basis of competition is providing high quality products, with technological differentiation, at competitive prices, with superior customer service and timely delivery.

Our products are sold into primary end markets which include aerospace, defense and space, process industries, non-residential and municipal construction, along with a

wide range of general industrial and certain consumer related end markets.

As such, our revenues depend on numerous unpredictable factors, including changes in market demand, general economic conditions, customer capital spending, timing and amount

of contract awards and credit availability.

Our products are sold into primary end markets which include aerospace, defense and space, process industries, non-residential and municipal construction, along with a wide range of general industrial and certain consumer related end markets.

As such, our revenues depend on numerous unpredictable factors, including changes in market demand, general economic conditions, customer capital spending, timing and amount of contract awards and credit availability.

Since our products are sold in such a wide variety of markets, we do not believe that we can reliably quantify or predict the potential effects of changes in any of the aforementioned factors.

engineering and product development activities are focused on improving existing products, customizing existing products for particular customer requirements, as well as the development of new products.

We own numerous patents, trademarks,

copyrights, trade secrets and licenses to intellectual property, no one of which is of such importance that termination would materially affect our business.

From time to time, however, we do engage in litigation to protect our intellectual

Our engineering and product development activities are focused on improving existing products, customizing existing products for particular customer requirements, as well as the development of new products.

We own numerous patents, trademarks, copyrights, trade secrets and licenses to intellectual property, no one of which is of such importance that termination would materially affect our business.

From time to time, however, we do engage in litigation to protect our intellectual property.

Raw Materials

Our manufacturing operations employ a wide

variety of raw materials, including steel, copper, cast iron, electronic components, aluminum, plastics, and various petroleum-based products.

Our manufacturing operations employ a wide variety of raw materials, including steel, copper, cast iron, electronic components, aluminum, plastics and various petroleum-based products.

We purchase raw materials from a large number of independent sources around the world.

Although market

forces have at times, including in 2022, caused increases in the costs of key raw materials, there have been no raw materials shortages that have had a material adverse impact on our business.

We believe that we will generally be able to obtain

adequate supplies of major raw material requirements or reasonable substitutes at acceptable costs.

Although market forces have at times , including in 2023, caused increases in the costs of key raw materials, there have been no raw materials shortages that have had a material adverse impact on our business.

We believe that we will generally be able to obtain adequate supplies of major raw material requirements or reasonable substitutes at acceptable costs.

For a further discussion of risks related to raw materials, please refer to Item 1A.

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Government Contracts

have agreements relating to the sale of products to government entities, primarily involving products in our Aerospace & Electronics and, to a lesser extent, our Process Flow Technologies segment.

As a result, we are subject to various

statutes and regulations that apply to companies doing business with the government.

We have agreements relating to the sale of products to government entities, primarily involving products in our Aerospace & Electronics segment and, to a lesser extent, our Process Flow Technologies segment.

As a result, we are subject to various statutes and regulations that apply to companies doing business with the government.

The laws and regulations governing government contracts differ from those governing private contracts.

For example, some government contracts require disclosure of

cost and pricing data and impose certain sourcing conditions that are not applicable to private contracts.

Our failure to comply with these laws could result in suspension of these contracts, criminal or civil sanctions, administrative penalties and

fines or suspension or debarment from government contracting or subcontracting for a period of time.

For example, some government contracts require disclosure of cost and pricing data and impose certain sourcing conditions that are not applicable to private contracts.

Our failure to comply with these laws could result in suspension of these contracts, criminal or civil sanctions, administrative penalties and fines or suspension or debarment from government contracting or subcontracting for a period of time.

For a further discussion of risks related to compliance with government contracting requirements, please refer to Item 1A.

“Risk Factors.”

Environmental Compliance and Climate Change

regulated by federal, state and international environmental laws governing our use, transport and disposal of substances and control of emissions.

Our manufacturing facilities generally do not produce significant volumes or quantities of byproducts

that would be considered hazardous waste or otherwise harmful to the environment if not properly handled or maintained.

We are regulated by federal, state and international environmental laws governing our use, transport and disposal of substances and control of emissions.

Our manufacturing facilities generally do not produce significant volumes or quantities of byproducts that would be considered hazardous waste or otherwise harmful to the environment if not properly handled or maintained.

Accordingly, continued compliance with these existing laws has not had a material impact on our capital expenditures or earnings.

However, we occasionally engage in environmental remediation activities as required by federal and state laws.

In addition, we may be exposed to other

environmental costs including participation in the characterization and remediation of federal Superfund sites, or analogous state sites.

When it is reasonably probable we will pay remediation costs at a site, and those costs can be reasonably

estimated, we accrue a liability for such future costs with a related charge against our earnings.

In addition, we may be exposed to other environmental costs including participation in the characterization and remediation of federal Superfund sites, or analogous state sites.

When it is reasonably probable we will pay remediation costs at a site, and those costs can be reasonably estimated, we accrue a liability for such future costs with a related charge against our earnings.

For further discussion of environmental related risks, please refer to Item 1A.

Risk Factors. For further discussion of our

environmental matters, please refer to Part II, Item 8 under Note 13, Commitments and Contingencies, in the Notes to Combined Financial Statements.

“Risk Factors.” For further discussion of our environmental matters, please refer to Part II, Item 8 under Note 13, “Commitments and Contingencies,” in the Notes to Consolidated Financial Statements.

Human Capital Resources

To remain a leading manufacturer of highly

engineered industrial products, it is important that we continue to attract, develop, and retain exceptional talent across our global enterprise.

The Company has a

diverse global workforce located in 20 countries, spanning six continents.

To remain a leading manufacturer of highly engineered industrial products, it is important that we continue to attract, develop, and retain exceptional talent across our global enterprise.

The Company has a diverse global workforce located in 21 countries, spanning five continents.

At December 31, 2023, we employed approximately 7,300 persons worldwide, of which substantially all were full time employees.

In the United States, we employed

approximately 4,000 people across 35 locations.

In the United States, we employed approximately 4,000 people across 35 locations.

At December 31, 2023, approximately 5% of our U.S.

employees were represented by a union under a collective bargaining agreement.

Employees based in some foreign countries may, from time to time,

be represented by works councils or unions or subject to collective bargaining agreements.

Employees based in some foreign countries may, from time to time, be represented by works councils or unions or subject to collective bargaining agreements.

We consider our relations with our employees to be good.

employer of choice and maintain the strength of our workforce, we consistently assess the current business environment and labor market to refine our compensation and benefits programs and other resources available to our associates.

committed to developing our associates personally and professionally by leveraging a structured and disciplined Intellectual Capital (IC) process.

Our regular IC cadence includes constructive reviews and various talent and leadership

development initiatives conducted by the executive management team and provided throughout an associates career.

To be an employer of choice and maintain the strength of our workforce, we consistently assess the current business environment and labor market to refine our compensation and benefits programs and other resources available to our associates.

We are committed to developing our associates personally and professionally by leveraging a structured and disciplined Intellectual Capital (“IC”) process.

Our regular IC cadence includes constructive reviews and various talent and leadership development initiatives conducted by the executive management team and provided throughout an associate’s career.

We are also committed to an inclusive and high-performance culture at all levels of the organization, based on trust and respect.

The manufacture and production of our products requires the use of a variety of tools, equipment, materials, and supplies.

At Crane, we are strongly committed to

the health and safety of our associates and strive to continuously adhere to global regulatory safety requirements and to reduce the incidence and severity of job-related injuries.

We utilize strict compliance protocols, training programs, effective

risk management practices, and sound science in our operations to minimize risk to our associates.

Beginning in 2020, in response to the COVID-19 pandemic, we implemented flexible remote work options and health and

safety protocols and procedures across all of our global offices, manufacturing and distribution facilities to ensure the safety and well-being of our associates.

These protocols included proper hygiene, social distancing, mask use and temperature

screenings and other health and safety standards as required by federal, state and local government agencies, taking into consideration guidelines of the Centers for Disease Control and Prevention in the U.S., and other similar public health

authorities in our international locations.

Today, we continue to deploy various work options and protocols in response to the significantly reduced health risks compared to the initial and early period of the pandemic.

At Crane, we are strongly committed to the health and safety of our associates and strive to continuously adhere to global regulatory safety requirements and to reduce the incidence and severity of job-related injuries.

We utilize strict compliance protocols, training programs, effective risk management practices, and sound science in our operations to minimize risk to our associates.

For a discussion of risks related to employee relations, please refer to Item 1A.

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Available Information

We, and our sole shareholder, Crane Holdings, Co.,

each file annual, quarterly, and current reports and amendments to these reports, proxy statements and other information with the U.S.

We file annual, quarterly and current reports and amendments to these reports, proxy statements and other information with the U.S.

Securities and Exchange Commission (“SEC”).

The SEC maintains an Internet site that contains reports,

proxy and information statements and other information regarding issuers, like us, that file electronically with the SEC.

The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers, like us, that file electronically with the SEC.

The address of the SEC’s website is www.sec.gov.

We, and Crane Holdings, Co., each also make our filings available free of charge through our Internet website, as soon as reasonably practicable after filing such

material electronically with, or furnishing such material, to the SEC.

Also posted on our website are Crane Holdings, Co.s Corporate Governance Guidelines, Standards for Director Independence, Crane Holdings, Co.

Code of Ethics and the

charters and a brief description of each of Crane Holdings, Co.s Audit Committee, Management Organization and Compensation Committee and Nominating and Governance Committee.

These items are available in the Investors Corporate

Governance section of Crane Holdings, Co.s website at www.craneco.com.

The content of this website is not part of this report.

We also make our filings available free of charge through our Internet website, as soon as reasonably practicable after filing such material electronically with, or furnishing such material, to the SEC.

Also posted on our website are our Corporate Governance Guidelines, Standards for Director Independence, Crane Company.

Code of Ethics and the charters and a brief description of each of the Audit Committee, the Management Organization and Compensation Committee and the Nominating and Governance Committee.

These items are available in the “Investors – Corporate Governance” section of our website at www.craneco.com.

The content of our website is not part of this report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business