US-headquartered Crane NXT said it would create a new business unit within its Security and Authentication Technologies operation called ‘Crane Authentication’, which would consist of OpSec – which Crane acquired in 2024 – and De La Rue Authentication. 

The overall Crane NXT group had sales of just under $1.5bn (£1.12bn) last year.

The Authentication business had sales of just under £103m in the year to 30 March 2024 and employed around 450 staff.

It made an adjusted operating profit of £14.6m and had gross assets of £83.3m.

Crane NXT president and CEO Aaron Saak commented: “We are excited to welcome the De La Rue Authentication Solutions team to Crane NXT.

“The Authentication Solutions business is an excellent strategic fit with our Security and Authentication Technologies segment, and further enhances our ability to serve as a trusted partner to our customers, leveraging our advanced technology capabilities to provide a broader suite of solutions to highly attractive end markets.”

As a result of the sale De La Rue has repaid its £235m revolving credit facility in full, and £30m has been paid to the trustee of its legacy defined benefit pension scheme as an accelerated deficit repair contribution.

The security printer had deferred its pension deficit repair contributions since April 2023 because of its financial issues.

De La Rue’s defined benefit pension scheme had a £78m deficit at September 2023.

The remaining De La Rue banknote printing business could also soon be under US ownership if shareholders accept the £263m cash offer from Atlas Holdings.