Crane Cams shuts down

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.

Davïd
Greenville, NC

http://www.news-journalonline.com/Ne...rane022409.htm

http://www.autoweek.com/article/2009...NEWS/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.

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--
John - ThunderSnake #59
Former owner of a
'69 Mach 1 w/ 390 4V
Wide Ratio Toploader
3.50 Traction-Lok
Acapulco Blue