Crane Cams Shuts Down
02-24-2009, 07:09 PM
#1
Racer
Thread Starter
Crane Cams Shuts Down
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.
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.
02-24-2009, 07:28 PM
#3
Safety Car
Member Since: Nov 2000
Location: Shenandoah Valley Virginia
Posts: 4,549
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24 Posts
Man -- that is a lot of history going away. My first built motor had a Crane roller cam and rockers --- Sorry to see them go, they built reliable products.
02-24-2009, 07:59 PM
#5
Le Mans Master
The very first cam I ever did was a Crane "Fireball". Sad to see such an icon pass on into history.
Not a word about it on their website.
Not a word about it on their website.
02-25-2009, 06:42 AM
#6
Safety Car
02-25-2009, 03:36 PM
#7
Former Vendor
I have been talking to others in the racing world. Layoffs are all around this crazy racing business. A couple companies that I work with have done the 1/3 to 1/2 layoffs in the past 6 or so weeks.
Thank you guys, gals and God we are saying pretty busy!!!
Randy
Thank you guys, gals and God we are saying pretty busy!!!
Randy
02-25-2009, 07:09 PM
#8
Safety Car
That sux. Sad for everyone, especially the people that work there.
Last week the guy that sits next to me got escorted out, with a few others. Watching that is very depressing.
Tim
Last week the guy that sits next to me got escorted out, with a few others. Watching that is very depressing.
Tim
02-26-2009, 06:17 AM
#11
Team Owner
Economy is now taking a serious toll on all non-essential activites. You will see many closures of parts suppliers to the OEM's as they go bankrupt. Parts in the future will be a major problem even for new cars. Parts companies to the OEM cannot get credit on their recievables from Detroit three. Banks don't want to lend suppliers money in fear they three will go bankrupt if GM sticks them.. March is the month they need to re-supply their material stock and it doesn't look like they have the money unless gov will guarantees they will get paid from Detriot three.
02-26-2009, 03:48 PM
#14
Former Vendor
This was from Nov 07.
Wachovia Capital Finance, the asset-based lending group of Wachovia Bank, N.A. and its subsidiaries, recently closed the following transactions: an $18 million revolving credit facility for Dystar, L.P., a distributor of dyes, pigments and chemicals. Wachovia served as sole lender for this transaction: a $45 million senior secured revolving credit facility for MVP Group International Inc., a manufacturer and distributor of candles. Wachovia served as sole lender for this transaction: a $700 million revolving credit facility for OfficeMax Incorporated, a leader in both business to business and retail office product sales and distribution. Wachovia served as co-lead arranger and administrative agent for this transaction: a $9.9 million credit facility for Crane Cams Inc., a performance automotive parts manufacturer. Wachovia served as sole lender for this transaction: a $1.5 billion revolving credit facility for Pro-Build Holdings, Inc., the nation's largest supplier of building materials to professional builders with over 500 locations in 40 states throughout the United States. Wachovia served as lead arranger and administrative agent for this transaction and a $25 million revolving credit facility for Professional Disposables International, Inc., a manufacturer of disposable medical products. Wachovia served as sole lender for this transaction.
Wachovia Capital Finance, the asset-based lending group of Wachovia Bank, N.A. and its subsidiaries, recently closed the following transactions: an $18 million revolving credit facility for Dystar, L.P., a distributor of dyes, pigments and chemicals. Wachovia served as sole lender for this transaction: a $45 million senior secured revolving credit facility for MVP Group International Inc., a manufacturer and distributor of candles. Wachovia served as sole lender for this transaction: a $700 million revolving credit facility for OfficeMax Incorporated, a leader in both business to business and retail office product sales and distribution. Wachovia served as co-lead arranger and administrative agent for this transaction: a $9.9 million credit facility for Crane Cams Inc., a performance automotive parts manufacturer. Wachovia served as sole lender for this transaction: a $1.5 billion revolving credit facility for Pro-Build Holdings, Inc., the nation's largest supplier of building materials to professional builders with over 500 locations in 40 states throughout the United States. Wachovia served as lead arranger and administrative agent for this transaction and a $25 million revolving credit facility for Professional Disposables International, Inc., a manufacturer of disposable medical products. Wachovia served as sole lender for this transaction.
03-02-2009, 07:21 AM
#16
Le Mans Master
Hope Crane recovers..
