Crane Cams shuts down, workers laid off
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Crane Cams shuts down, workers laid off
Crane Cams shuts down, workers laid off
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.
Click this link below for the original story.
http://www.news-journalonline.com/Ne...rane022409.htm
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.
Click this link below for the original story.
http://www.news-journalonline.com/Ne...rane022409.htm
Honda-Tech Member
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From: Land of the Lost, usa
Re: Crane Cams shuts down, workers laid off
They are in the process of being bought by another company.
Apparently there were some snags in all of the paper work and it did
not make it through in time (last Friday) and were forced to close the doors
on Monday. They will be back up and running, but it might take some time
for all of it to get cleared up. (2-3months at least)
My sources indicated that the company trying to acquire them is a middle
eastern company.
Apparently there were some snags in all of the paper work and it did
not make it through in time (last Friday) and were forced to close the doors
on Monday. They will be back up and running, but it might take some time
for all of it to get cleared up. (2-3months at least)
My sources indicated that the company trying to acquire them is a middle
eastern company.
Honda-Tech Member
Joined: Oct 2001
Posts: 4,560
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From: Indianapolis, USA
Re: Crane Cams shuts down, workers laid off
I went through exactly what they are going through years ago. We had a company that was going to buy us and it was supposed to take a few weeks to finalize things. It took months, and everyone was laid off. Over two years later everything was finalized.
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From: Osceola, Indiana
Re: Crane Cams shuts down, workers laid off
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B*a*n*n*e*d
Joined: Dec 2006
Posts: 2,167
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Re: Crane Cams shuts down, workers laid off
They are in the process of being bought by another company.
Apparently there were some snags in all of the paper work and it did
not make it through in time (last Friday) and were forced to close the doors
on Monday. They will be back up and running, but it might take some time
for all of it to get cleared up. (2-3months at least)
My sources indicated that the company trying to acquire them is a middle
eastern company.
Apparently there were some snags in all of the paper work and it did
not make it through in time (last Friday) and were forced to close the doors
on Monday. They will be back up and running, but it might take some time
for all of it to get cleared up. (2-3months at least)
My sources indicated that the company trying to acquire them is a middle
eastern company.
Honda-Tech Member
Joined: Nov 2002
Posts: 2,581
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From: Morton, IL, USA
Re: Crane Cams shuts down, workers laid off
I was wondering how the scene was being effected by the economic downturn. I imagine sales for parts are way down compared to 2004, 2006, and 2008. A few medium sized shops I knew have closed up.
What kind of things have others heard? Anything from some of the bigger wholesalers or manufacturers?
What kind of things have others heard? Anything from some of the bigger wholesalers or manufacturers?
Joined: Feb 2006
Posts: 122
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From: phoenix, az, usa
Re: Crane Cams shuts down, workers laid off
Really? I just saw their setup at the NHRA event this past weekend in Phoenix. From the looks of it Al Anabi seems to be forking up some money. No contingency stickers, brand new cars, trailers, equipment etc. They were probably the best set up team I saw there.
