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Issue Date: Vol. 51, No. 6, June 2011, Posted On: 6/1/2011

Crane Co. Names New COO and Acquisitions VP

Emily Jed
Crane Co., Crane Merchandising Systems, Max H. Mitchell, Kris Salovaara, National Vendors, GPL, Automatic Products, vending, vending machine, vending machine manufacturer, automated retailing, Telequip Corp., Streamware, CashCode

STAMFORD, CT -- Crane Co., parent company of Crane Merchandising Systems, announced two key senior level appoints in May. Crane named Max H. Mitchell executive vice-president and chief operating officer and Kris Salovaara business development vice-president.

Mitchell, 47, has served as president of the Stamford, CT-based diversified manufacturer's Fluid Handling Group since April 2005. Crane officials credit Mitchell for driving improved business performance in the division -- which represents 46% of the company's sales -- through new product development, "lean" manufacturing and supply chain optimization. Prior to joining Crane, Mitchel gained operations and management experience working for Pentair Inc., Danaher Corp. and Ford Motor Co.

Salovaara will manage mergers and acquisitions for Crane. He has 25 years of experience in banking and business development. Most recently, he was a managing director of FBR Capital Markets & Co. He also held high-level posts at Goldman, Sachs & Co. Bear, Stearns & Co., Helander Partners LLC and Watch Hill Partners LLC.

Founded in 1855, Crane provides products and solutions to customers in the automated merchandising, aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation and transportation markets, among others.

Headquartered in St. Louis, with machine production based in Williston, SC, Crane Merchandising Systems is composed of two segments that integrate vending machines, management software and payment systems. Crane Vending Solutions, whose brands include National Vendors, Dixie-Narco, Automatic Products, GPL and Stentorfield, is a leading machine manufacturer. Crane's Streamware business unit, which develops and markets management software, is part of the vending segment.

Crane Payment Solutions is an alliance of Crane-owned companies CashCode, National Rejectors Inc. GmbH (NRI) and Telequip Corp., and now Money Controls. These businesses offer a wide range of innovative, reliable currency systems; all three are key suppliers to markets including global vending, gaming, retail and transportation.

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