Strengthened portfolio of automated payment systems combines Crane Payment Solutions (CPS) brands – CashCode, Money Controls, NRI and Telequip – with MEI and Conlux
Crane Co. has used its acquisition of MEI to launch Crane Payment Innovations, or CPI. The coin and note products from Cashcode, Money Controls, NRI, Telequip and MEI brands offer the industry’s most comprehensive portfolio of cash management solutions for Fare Collection, Parking, Gaming, Financial, Retail and Vending markets.
“We’re building a new, integrated business that will combine the strengths of MEI and Crane Payment Solutions,” said Mike Hayes, CPI president, “Our goal is to earn our customers’ business every day.”
Crane originally announced its intent to acquire MEI on December 12, 2012. The acquisition was completed nearly a year later on December 11, 2013 after two CPS products were divested at the request of the European Commission.
“It’s exciting to think about what CPI will be able to offer customers,” said Jeff Allsop, CPI president of Transport. “Our challenge, in the immediate future, is to temper the enthusiasm of what can be with the realism of what needs to happen to provide the level of service customers have associated with these brands.
“The realization of our vision for CPI will be dependent upon collaboration with our loyal customer base. We are embarking upon a journey that will require focus and patience – but one that promises to deliver an unmatched set of products and resources to raise expectations for payment systems.”
The acquisition signifies the potential Crane sees in its ability to add value to applications that rely upon cash transactions. Including the “I” for Innovations is significant as the aforementioned brands have a long history of using technology to create documented returns on capital investments.
“The combined knowledge of CPI allows us to offer customers the personnel, experience and products to find solutions that impact the bottom line,” said Mr. Allsop. “And, ultimately, that is how we should be measured. We aspire to set a new standard – driving transaction, asset and maintenance efficiencies into customers’ operations.”
Moving forward, the entity will begin to take shape as corporate and customer-facing functions are consolidated. It will take some time. The intent is to have CPS and MEI act as separate companies in a “business as usual” state until core functions can be assimilated in a manner that is seamless to customers.
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has four business segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems and Fluid Handling. 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 .
Crane Payment Innovations (CPI) is part of Crane Co, a diversified manufacturer of highly engineered industrial products. CPI provides a full range of unattended payment solutions aimed at the Gaming, Retail, Transportation, Vending and Financial Services applications. CPI is built on the technological heritage and market expertise of the NRI, CashCode, Telequip, Money Controls and, most recently, the MEI and Conlux brands. CPI is headquartered in Malvern, PA with further offices, manufacturing facilities, distribution and service centers worldwide. CPI holds one of the world’s largest installed base of unattended payment systems. For additional information visit www.craneps.com or www.meigroup.com, and follow us on Twitter & LinkedIn for regular updates.