Crane Cams Struggles
Developments over the past week indicate that one of the industry's stalwart aftermarket suppliers, Crane Cams, is in trouble.
Last Wednesday, the Daytona Beach News-Journal reported that Crane, a 56-year-old performance parts manufacturer, has closed its doors and laid off its employees.
Those actions took place on Tuesday, Feb. 24. The company maintains a skeleton staff to continute work on military projects.
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Subsequently, Crane vice president Steve Leva, indicated that the company intends to re-open later this month, following some restructuring.
The company was founded by Harvey J. Crane Jr. in 1953. Crane was a hot-rodder in those days and became dissatisfied with the quality and performance of camshafts that were available at the time. Harvey's initial home made cams were accurately made and surprisingly more powerful than anything he'd previously purchased.
From a humble beginning, Crane Cams has evolved into a nearly $50 million dollar per year manufacturing and marketing company.
Mikronite Industrial Technologies bought Crane in 2006. Leva noted that $18 million has been invested in equipment since the acquisition.
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