Crane Cams folded up and locked doors

4SPEED427 · A Poncho Legend!

Crane Cams folded up and locked doors

73SC · A Poncho Legend!

That's another icon gone. I imagime GM will deal with another company soon. There are plenty of aftermarket companies but I can't think of one with a better reputation than Crane for cams, maybe Edelbrock?

Canadian Poncho · A Poncho Legend!

My L79 cam was made by crane. I love it. Sorry to hear they went out of business.

Beaumont4008 · Uber Guru

That is sad, Its possible another manufacture might pick up the tooling , you never know.

I have an old Crane cam cataloge if any one needs to know lifts etc of a given cam;

67rag396 · Poncho Master!

February 24, 2009

Crane Cams shuts down, workers laid off

By JIM WITTERS
Senior Business Writer

DAYTONA BEACH Crane Cams, a 56-year-old auto parts manufacturer, closed its doors this week and laid off its employees, a worker said today.

The news took Volusia Countys top economic development officer by surprise. City, county and state officials were working with Crane Cams and officials from its New Jersey parent, Mikronite Technologies, to keep the company open and in the community.

We were trying to help them through this transition, said Rick Michael, Volusia County economic development director. They were considering a transfer of ownership. We were not expecting any closure.

An automated voice mail system at Cranes plant on Fentress Boulevard announced at midday today the company was closed and suggested calling back during business hours, 8 a.m. to 5 p.m. A call to Mikronites New Jersey offices produced similar results. Six cars sat in the parking lot early this afternoon at the local plant, which employed 220 just three years ago.

Inside the lobby, a reception desk sat empty. A call from the lobby phone got an answer from Dennis Burgess, who declined to comment and said no one at the plant could provide information.

In the parking lot, 14-year employee Ronald Dorn was leaving the plant for what he believed was the last time

He said workers were told during the past week that layoffs were likely, but he didnt expect the plant to close.

Mikronite received approval in 2006 to receive tax rebates from the state and the county amid discussion about moving its New Jersey operations here. But the company ended its contract with the state in 2008 due to nonperformance, Michael said.

Crane has gone through a series of small layoffs recently, he said.

Crane Cams and Crane Technologies Group were founded by Harvey J. Crane Jr. in 1953 as Crane Engineering Inc. in Hallandale. The company is well known in high-performance and racing circles for its line of camshafts and engine valve train components.

In 1979, Crane Cams became an employee-owned company. Some operations moved to Daytona Beach in 1981, with the remainder of the operation and employees relocating here in 1985.

Mikronite, an industrial technology firm, bought Crane in 2006.

In March 2007, Mikronite sold its property on Fentress to STAG Capital Partners of Boston, then signed a 10-year lease.

davelacourse · Poncho Master!

Gee, I guess I was wrong to trust the currently-online Crane Cams website, color me ashamed

Sorry to hear the truth. Thanks for posting the full story, Rick.

Dave

-- Edited by davelacourse at 12:53, 2009-02-25

67rag396 · Poncho Master!

Well-known cam shafts company Crane Cams shut down Feb. 24 for restructuring but says it plans to reopen, likely sometime in March.

All of the companys 280 workers were laid off, though about 25 remain to work on military contracts. The closure was in response to the global economic problems, said vice president Steve Leva. He said the Daytona Beach, Fla., company planned to reopen in as soon as a week, or it may take up to 30 days.

Cranes parts have become synonymous with performance and have been used by A. J. Foyt, the Wood Brothers, Bill Elliott, Richard Petty and many other well-known drivers.

The 56-year-old company first made a splash at the 1961 NHRA nationals, when a dragster using Crane roller cams was piloted by Sneaky Pete Robinson to the Top Eliminator award, breaking records and upsetting more-established competitors in the process.

Robinsons success helped the company gain recognition throughout the 1960s as racing grew and the Detroit automakers thrived.

In late 2006, Crane was acquired by Mikronite Technologies Group Inc., and Leva said $18 million has been invested in equipment since the acquisition.

Earlier this week, the Daytona Beach News-Journal reported that Crane was closing, though more details were not available at that time.

To read more visit the AutoWeek New car news, road tests, blogs, pix and expert insight section.

Astro Jet · Poncho Master!

It will be interesting to see what, if anything, emerges from the reorganization. I will bet you the majority if not all their production gets moved off shore and what will be left in the US will be little more than an order taking office.

The predecessor company to the one I work for now used to own American Racing Wheel. Even before we sold it a few years ago, we were forced to manufacture more and more wheels in Asia or Mexico to remain cost competitive. In the end, only the torque thrusts and a few other styles were still made in the USA. We sold it to a hedge fund that probably continued that trend. I think they may have subsequently sold it to Asian interests. It wouldn't surprise me if this happens to Crane as well, it will bought from the receivors for a song and the machinery will all be packed up and sent overseas. There is strong belief that the Chinese are now embarking upon a major buying spree because prices of good assets are so cheap. They recently spent $20 billion to buy a big chunk of Rio Tinto, the second largest mining company in the world. There have been numerous smaller invstments as well.