Crane Cams closes its doors

[73TXRallye440]

 

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 County's 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 Crane's 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 Mikronite's 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 didn't 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.

[doctorpimp]

Holy Shit!!!

[max]

i hate to see that happen..

[tan top]

not good to see .. not really related but saw over on moparts also westoaks dodge had closed , wonder whos going to be next ....   times like this , speed parts are not important 

[694spdRT]

Sad to hear this. I hope Engle, Comp Cams, etc can hold on through the tough times.

[Ghoste]

They were one of the giants for so long its almost surreal to think of them as being gone.

[RECHRGD]

WOW! Not good news.  So I guess my Crane Gold rockers are now going to be collectors items?

[Mike DC]

They were one of the giants for so long its almost surreal to think of them as being gone.

Yeah, totally.  It's like ending Holley carbs or something.

[Ghoste]

Come to think of it, didn't they come close once too?  For that matter, wasn't Hurst in big trouble before becoming part of the Mr. Gasket group?

[captnsim]

 

[BIRD67]

That sucks! My uncle has a Crane Cam in his '68 Cuda.. I really hate to see all these old speed products go!

[doctorpimp]

I've use a lot of their stuff...
Gold rockers...
Cam and lifters in my ex's 360...
Cam and lifters in my ol Mustang...
Sad.

[Back N Black]

I've use a lot of their stuff...
Gold rockers...
Cam and lifters in my ex's 360...
Cam and lifters in my ol Mustang...
Sad.

Hey Paul,
Chris and I are sitting here and wondering what you are doing logged on because its only 11 O'clock in Montreal. 

[doctorpimp]

LOL - I'm a fu*king MIR Cdo...
Sick lve LOL

How are things boys?

[Back N Black]

LOL - I'm a fu*king MIR Cdo...
Sick lve LOL

How are things boys?

Living the DREAM.

[Foreman72]

 

u gotta b kidding me...thats nuts! so are they just gonna liquidate all their parts now?

i hope Comp is doing alright...i need them...

[Ghoste]

Has Crane done much lately in the way of R&D or bringing anything new to market?

[Mean 318]

Well year one has about half  of their stuff on backorder and is not taking orders for a lot of stuff anymore! The guys who make mopar emblems are in the same boat... maybe we will have to start a thread just for parts places that go bust...

[68pplcharger]

That really sucks... hope the hipo aftermarket holds on. I would hate to see my favorite pasttime become extinct.

[Charger_Fan]

Man, that really does suck. It's not like I ever bought a lot of their cams, but it still sucks.

[TruckDriver]

Crane Cams shut down Feb. 24 for restructuring but says it plans to reopen, likely sometime in March.

http://www.autoweek.com/article/20090227/CARNEWS/902279984

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 company's 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.

Crane's 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.

Robinson's 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.

This article was last updated on: 02/27/09, 15:06 et

[Ghoste]

So down but not out at this point.

[Foreman72]

i'm glad 2 hear that

[68pplcharger]

  That's good news