Crane Cams RIP

[hyperv6]

As of yester day Crane Cams went out of buisness. I had said a few months back we would lose some of the players in the perfromance aftermarket and this is the first to fall.

I know of several others who have had money trouble while times were good and I don't expect them to weather the economy down turn.

[hyperv6]

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.

Holley also filed Chapter 11 Tusday.

[FUTURE_OF_GM]

WOW...

Never thought I'd see such big names filing chapter 11.

This really worries me, as I'm sure Congress will try to use this as an opportunity to just "shut down" performance and claim that "obviously there is no market for it."

[hyperv6]

Poor managment is not lack of market.

[hyperv6]

Sorry Holley's chapter 11 was last year.

[Sixty8panther]

Damn....

[6t5frlane]

Rumors that Flowmaster is next

[Robert Hall]

Sorry Holley's chapter 11 was last year.

I can't imagine the market for carbys would be nearly as big as it was 25 years ago, bad economy or not.

[PurdueGuy]

I win, cuz I tune a Saturn. There's no aftermarket for me to lose! HA!

[Camino LS6]

Sad state of affairs.

[David]

Bummer as my custom 402 in my suburban runs Crane Cam. in regards to Holley, I have heard they had a great Fuel injection system that could replace the carbs on cars, but I think they sat on their past glory and did not move quick enough to embrace new technology and find a way to survive. Sad, but at this time I suspect we will see many companies close.

Bright side is we can see new companies open based on new technologies that will embrace a whole new way of performance.

Performance Battery packs for Auto's

Performance Electric motors

Performance suspensions and electrical enhancements for hybrids.

This just off my head, but I do think we will have new oportunities, sad yes for these past companies and what they did for the performance sector, but not the end at all.

[balthazar]

Well, if such were to pass unilaterally, it sure would suck really hard for millions of vintage vehicles !!

Besides- I sure don't see much underhood 'hotrodding' going on with modern vehicles beyond CAI kits and chips. BFD.

I had better get to ordering my Lunati cam soon....

[hyperv6]

I can't imagine the market for carbys would be nearly as big as it was 25 years ago, bad economy or not.

The carb market in the after market is very large.

Holleys problem is some of the employees bought them as well ar Comp Cam, Hooker, NOS and a few other brands. Too much debt was made and put them in a bind for a while. They seem to be working thorugh it for now.

[hyperv6]

Heard today they are trying to work out the Crane deal.

I assume they have a buyer or investor they are working with?

Theymay return. The name has too much equity to let it go.