Crane???
 

Re: Crane???
 

Pretty sad news.What's even sadder are all the "I heard this I heard that" posts.Half of it is pure bull****.The internet is a wonderful thing,when the info is correct.


Ed F

Re: Crane???
 

I talked to Chase Knight yesterday and he told me that it will be no problems getting the cams I want.
Just called a minute ago (4:15 est) and an answering machine told me to call back. during business hours.
FTF!!!!!

Re: Crane???
 

I called the tech line and the main line @ 2.30 and it said they were closed call back during regular business hours.

Re: Crane???
 

SOOOOOOOO say good night to any contingency monies owed from "08"?

Re: Crane???
 

I just talked to a big company that sells Crane- closed for good!

Re: Crane???
 

Re: Crane???
 

Crane recently sent out a tax form. I guess, any racer who completed the form and returned it will be added to a creditors list in bankruptcy court. There were a lot of really good people working for that company. Sad times.

Re: Crane???
 

Not taking up for any company, but, Crane and its people helped alot of racers over the years. Just another good company gone by the wayside in the economic down turn. Sorry to hear it.

Re: Crane???
 

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.

Re: Crane???
 

I was told that there are some well know companies interested in Crane. One of my buddies at Comp said they had people there, but there were also Camels in the parking lot. What would a picture of Scooter on a camel be worth? :~) Wonder where Crane's bail out money is? I'm wondering how many times we are going to see this taking place in the near future?

Re: Crane???
 

I've read that they were one of only two companies provided cores to the industry. With that and everything else they do, what exactly made the company unprofitable? :confused:

Re: Crane???
 

I see NHRA has erased Crane from their contingency lists.

Re: Crane???
 

I have no idea of Crane's situation, however many times it goes like this. Way more companies go out of business because of cash flow, than profitability. With the current tightening of credit, banks are not allowing companies to "pass" on extra days of payment. In fact, they are asking many companies to improve the number of days out the invoices are. At the same time sales go slow so you have less money to work with. The bank calls up and says no more! So last years 40 days is asked to be 30 days, with less sales and maybe even less profitability.

My suppliers are giving me less days to pay invoices than they did last year, and they are blaming the banks. I had to make up the difference out of my pocket, actually out of Annette's spending money. :(

Re: Crane???
 

Guys, this is no where near the end. Mopar Perf is for sale (maybe bought by now) and Vic Edelbrock has to come up with 55 million to buy his own company back or it goes on the market. I'll never understand how a family owned company becomes an animal that eats its owner alive......Sad times......

Wade O

Re: Crane???
 

I believe Mikronite purchased Crane for the purpose of using the "Crane Cams" name to make their (Mikronite) entry into the performance market. Their plan obviously didn't work for anyone. With my "night" job of answering tech calls for a performance warehouse group, I have had the opportunity to speak to many Crane product users who are scrambling to find any Crane parts still left on warehouse shelves. There are a lot of quality specialty parts that only Crane manufactured....ie roller lifters for AMC products, roller lifters for TAD/TAFC Hemi's, various valve spring combos, and their old electronic ignition boxes...that now are not available. A few corporate entities are looking at purchasing the remains of the company and their products. Hopefully it will happen.

Re: Crane???
 

Edelbrock's deal is he took his company Public some years ago then bought it back. Does the banks want thier $$$ now???

Re: Crane???
 

I have used Crane for years and Crane is/was one of my sponsors, i can shed some light of some stuff but not all.

Crane is a major supplier of 8620 cores, 8620 cores are billet roller cores that have the copper/gold plating inbetween the camshaft lobes like the one in this photo in the link below

Crane also makes their Titanium Retainers in house, I have been through the factory, They have/had a titanium retainer that is not affected by a springs damper, I have 3 sets of them here now. Crane Posi-Stop Retainers

Crane makes the GM roller rockers and stamps the logo on them for GM. They also do Fords roller rockers.

Crane has an ignition box out, 6 series, idles cleaner than MSD 6AL and i would say in performance its equal to MSD 7, I have 2 of them.

Cranes roller lifters i think were done in house but not 100% sure, i have had zero problems out of these

Crane cut many cams for GM and more. If i was the competition i would be trying to buy Crane for the cam cores, rockers and people who buy their own brand stuff from Crane such as Trick Flow rockers and more

There is still a little light in the tunnel for Crane, they may be able to hit the surface of the water, it could take one day, one week or one month

http://s510.photobucket.com/albums/s...t=IMG_0672.jpg

Re: Crane???
 

Brilliant. Now the bank won't get anything more out of Crane. :confused: If they don't lend, how do they make money?

The vast majority of my customers pay me either same day or within a matter of days, and I pay my suppliers either the same day or in a matter of days.

Re: Crane???
 

Working at a Tier 1 automotive supplier I know that many of our customers go to great lengths to pay at the last possible day of their terms because the accounts have figured out how much money can be made each day they hold onto their money (assuming they even have it).

Re: Crane???
 

I have the same thing. Two large (very well known companies) customers of mine send me a check dated 30 days from my invoice date. No longer do companies seem to pay for the previous month with one check. Some weeks I will get a check every day. If I do two or three computers in one day for either of them, the check will reflect that.

Amy & Kenny Faulk and myself were talking to Scooter at Comp's hospitality tent (mooching lunch) at the Mid South's a couple years ago when Mikronite was in the process of purchasing Crane. Comp wanted to bid on Crane then, but they refused to entertain a bid from Comp. Still some bad blood there I guess. Looks like Crane might be a tad cheaper now anyway.

Some of you might be old enough to remember Harvey Crane's vow to bury Cam Dynamics and Mark Heffington. He finally had to buy Mark out. Mark now owns Hypertech. Don't think Mark is hurting too bad.

Re: Crane???
 

An what a pleasure it was to work on projects with Mark!

Re: Crane???
 

Just got off the phone with Jegs. They verified what we all know that Crane is closed but they still have some crane stuff available.

Sad!

Re: Crane???
 

http://www.autoweek.com/article/2009...NEWS/902279984

Still pretty sure last years contingency payments are a lost cause.

Re: Crane???
 

When it took 120 days for them to request info "to enable payment" last year, I pretty much gave up any hope of seeing any money. .......Just another case of a good family type company purchaced by a corperation that misreads its purpose and customer base and bankrupts it in a couple of years. ....Tom