Crane Payment Solutions and MEI Combine to Form CPI
Crane Payment Solutions and MEI Combine to Form CPI - Crane Payment Innovations
MALVERN, PA – February 21, 2014 – Crane Payment Solutions and MEI Conlux Holdings ("MEI") announce that have combined their businesses to form Crane Payment Innovations, which will be branded CPI. This action follows the acquisition of MEI by Crane Co. in December 2013.
Michael Hayes, previously the president of MEI, has been named president of CPI. Mr. Hayes reports to Max Mitchell, chief executive officer of Crane Co. Kurt Gallo, formerly president of Crane Payment Solutions (CPS), has become the chief operating officer of CPI, reporting to Mr. Hayes.
CPI, headquartered in Malvern, PA, has created a strong portfolio of automated payment systems, by combining CPS brands – CashCode, Money Controls, NRI and Telequip – with MEI and Conlux.
The following individuals will lead key market channels for CPI: Jeff Jordan, Vending; Thomas Nugent, Gaming and Retail; Spiro Gjorgjievski, Financial Services; Jeff Allsop, Transportation; and Kiyoaki Takeda, Japan operations.
Significant planning and effort will be required to fulfill the promise of CPI. Channel leaders are fully engaged in the process of forming effective customer facing organizations. Kurt Gallo is leading integration activities to provide a “business as usual” customer experience and create a seamless combination of operations.
“We’re building a new, integrated business that will combine the strengths of MEI and CPS. Ultimately, CPI’s coin and note products will combine the industry’s most comprehensive portfolio of cash management solutions for target markets with an experienced, knowledgeable team and an impressive capability in new product innovation,” said Michael Hayes. “Our goal is to earn our customers’ business every day.”
CPI (Crane Payment Innovations) is the combination of Crane Payment Solutions and MEI Conlux Holdings (“MEI”). CPI, along with Crane Merchandising Systems, forms the Merchandising Systems business segment of Crane Co., a diversified manufacturer of highly engineered industrial products. CPI serves over 100 countries, and has one of the world’s largest installed base of payment systems.
Crane Payment Solutions was formed in 2006 with the strategic focus to provide a full range of high quality money handling solutions, aimed at the gaming, retail, transportation and vending markets. Drawing on decades of heritage and expertise from the NRI, CashCode, Telequip and Money Controls brands, CPS develops core validation technology to provide a range of payment systems and associated products with high security protection. For more information, please visit www.craneps.com.
MEI was founded by Mars, Inc. in 1969 in response to the demand for better coin recognition technology for vending machines. In 2003, MEI acquired Conlux, the Japanese leader in coin mechanisms and bill validators. MEI was acquired by Advantage Partners and Bain Capital in 2006. Crane Co. completed the acquisition of MEI Conlux Holdings in December 2013. For additional information, please refer to www.meigroup.com.
About Crane Co.
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has four business segments: Aerospace & Electronics, Fluid Handling, Engineered Materials, and Merchandising Systems. Crane has approximately 11,000 employees in North America, South America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.