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.

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

 

Wow. I'm a Comp Cams guy myself, but it still sucks to hear the news.

 

Holy **** that sucks

 

from cranes website

Crane Cams, a leading manufacturer of camshafts, valve train and electronic ignition components, has been acquired by Mikronite Technologies Group, Inc. of Eatontown, New Jersey. Mikronite is an industrial technology firm with contracts in the aerospace, automotive, commercial and medical fields. Crane Cams and Mikronite have enjoyed a business association for over a year, utilizing Mikronite’s proprietary surface finishing process on a number of valve train components.

Jeffrey H. Coats, President and CEO of Mikronite and now Executive Chairman of Crane Cams, is pleased to announce that R. Lance Harris has joined Crane Cams as Chief Executive Officer. Coats said, “Lance has a solid track record in operating manufacturing companies engaged in sales, engineering and production of powertrain and driveline products, and will a great asset to Crane Cams.” Prior to joining Crane’s management team, Harris held executive positions at FormTech Industries LLC, GKN, and MascoTech Inc. He started his career as an engineer with General Motors Corporation.

Gene Ezzell, formerly President and CEO of Crane, has now become the President of Mikronite Automotive Technologies and will focus on developing new business for Mikronite in the automotive and industrial fields. All other current Crane Cams personnel will essentially remain in place, and customers should enjoy a seamless transition. The company will continue operations at 530 Fentress Blvd. in Daytona Beach.

Commenting on Crane’s future, Harris said, “We are making a significant investment in inventory, manufacturing capacity, and product development to drive performance at every level. We will demonstrate our commitment to the industry as we execute a strategy that is focused on positioning Crane Cams as a dominant supplier in the marketplace.” The company was founded in 1953 and has accounted for an unprecedented number of industry innovations and racing wins.

 

I always hate reading stories like this. Its sad to see people who have worked decades at a place laid off out of the blue. Been making alot of fellow college students re-think the fields they are going into. You don't want to waste ten, twenty years in a field only to have your seniority and retirement plans flushed down the toilet.

 

yeah the way its getting. the automotive field is gonna be dog eat dog real soon. wait. its already here .

 

that blows, sucks to see any well known and good business go

 

Thats awful! I dont want ANY parts companies to go under....

 

Comps compition just went under..

 

Comp Cams price hike in 3. . . . 2. . . .

Not saying comp will be out to screw the consumer, but if their main competition is gone they're in a good spot to adjust their margins to a safer level for today's unstable market without having to worry about being undersold.

 

Sad to hear

 

as a guy who comes from old school even though I am not this is really sad...

 

WOW I need to get out more!! That is sad to hear about. Hopefully Comp does not raise prices as mentioned above!

 

That really is sad news.

I think some of the GMPP cams are actually Crane grinds, although I don't know if they're actually manufactured by Crane.

Comp isn't going to be raising prices - they still have plenty of, uh, competition, plus the last thing they need to do in a down economy is to make it harder for customers to buy ...

 

This sucks, and just to think of it they were in the chevy hi performance magazine a couple months ago talking about cams. And now their gone...

 

obama will save them!!!!!

 

kill off the weak ones and the remaining survivors are stronger. It's business anti-biotics!

Sad to see such a well known business of half a century go away.

I raise a can of Crystal Pepsi in your honor.

 

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

found this link looks like a bankruptcy deal. they are back in business soon.

 

So I wonder who is buying the company/name?

 

Sad to see one of the hallowed old names of the golden age of hot rods die.