Money Controls changes hands

NORTH West coin handling specialist Money Controls is set to be sold by its US parent company to another American firm.

Money Controls, which emplys the majority of its 350 staff at its headquarters in Royton, Oldham, is set to become part of Connecticut-based Crane Co, a specialist industrial products manufacturer.

Financial terms of the deal, which is expected to be finalised next month, were not disclosed.

Money Controls, which supplies a range of payment systems and associated products for the gaming, amusement, transportation, and retail markets, is expected to have sales of $62m (£38.7m) this year,

The business, which has been under US ownership since 2001, when it was acquired by St Loius-based CoinCo, makes coin hoppers, coin acceptors and bill validators.

Crane Co said the deal is subject to competition clearance in Germany, where both businesses are strong.

Eric Fast, president and chief executive of Crane Co., said, “The Money Controls acquisition will significantly strengthen and broaden our product offering in the payment solutions portion of our merchandising systems segment.

“It fits very well within our existing business and allows us to strengthen our position in the gaming and retail sectors of the market, including self checkout applications.
“The combined business will allow us to build stronger customer relationships and accelerate product innovation.”