| Type | Public company |
|---|---|
| Industry | Industrial conglomerate |
| Founded | 1855 - Chicago, Illinois, United States |
| Founder(s) | Richard T. Crane |
| Headquarters | Stamford, Connecticut United States |
| Key people | Robert S. Evans, Chairman Eric C. Fast, President & CEO[1] |
| Products | Aerospace & Electronics, Engineered Materials, Merchandising Systems, Fluid Handling, Sensing & Control Systems |
| Revenue | US$2.2 billion |
| Employees | 11,000 |
| Website | www.craneco.com |
The Crane Company (NYSE: CR) is an American industrial products company based in Stamford, Connecticut. Founded by Richard Teller Crane, it became a holding company with a diverse portfolio. Its business segments are Aerospace & Electronics, Engineered Materials (fiberglass paneling and telecom equipment), Merchandising Systems (vending machines), Fluid Handling, and Controls (sensing and control systems). Industries served by these segments includes: chemical industries, commercial construction, food and beverage, general and commercial aviation, and power generation. The company was one of the leading manufacturers of bathroom fixtures until 1990, when that division was sold off; it now operates as a brand of American Standard Brands.
The company is best known to the consumer public as a large manufacturer of vending machines. Crane Co. has expanded their lineup of snack machines via their acquisitions of Glasco Polyvend Lektrovend (GPL) and Automatic Products (APi), which continue to be marketed as separate brands from Crane Co.'s National line. Crane Co. has also acquired Dixie-Narco from Maytag, adding a full lineup of soda machines to Crane Co.'s portfolio.
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As of December 31, 2007, Crane Company faced 80,999 asbestos liability claims. In 2007, the company set aside $390 million for predicted asbestos liability costs through 2017. [2]