Crane Cams dealing with economic stress!!

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.

The automotive aftermarket has been hit hard in recent years, and the latest casualty of the economic downturn is Crane Cams. According to a report by the Florida News Journal, the 56-year-old manufacturer closed its doors yesterday and laid off the majority of its employees. Any calls to Crane to follow-up on the story have been shuttled off to the company's voice-mail service, although the Florida e-paper did talk to Dennis Burgess, who declined to comment.

Ronald Dorn, a former employee, said that workers were told to expect lay-offs in the coming weeks, but there was no talk of a full-scale closure.

Crane Cams and Crane Technology Group – purveyors of some of the finest valvetrain components in the U.S. – were founded by Harvey J. Crane in 1953, became an employee-owned entity in 1979 and was sold to Mikronite Technologies in 1985. The company has endured a series of small layoffs in recent years, cutting its workforce down from 220 employees since 2006. Rick Michael, Volusia County economic development director, said that the city was working to keep Crane in the community and was shocked by the company's closing.

man this is not good.

things are just getting bad all around.

the Rocky Mountain Times in Denver, CO, a long time well respected newspaper out there, is closing it's doors and many well respected companies are losing money and folding up left and right.

http://www.rockymountainnews.com/news/2009/feb/26/rocky-mountain-news-closes-friday-final-edition/

Most major newspapers are in trouble. The New York Times borrowed 14 million from a billionaire in Mexico at a 14% interest rate--that's loan shark territory! Hopefully Crane can still come out of this.

I bet there are plenty of others that are going to be in the same situation real soon.