Crane Cams Closed!

[Mossimo777]

Just read this on the 'net, thought maybe you guys might like to know:
http://www.news-journalonline.com/Ne...rane022409.htm



It doesn't say for good, but I dunno. Anyone have any other info?

[rocketman]

I have heard they were closing for a few weeks.

[JEFFTATE]

Well Darn....
How sad.
Crane has been around forever.
I used several Crane "Fireball" cams in the past.
Hate to see the economy this bad.

[TonyHuntimer]

I heard they were closing temporarily as a cost cutting measure.

[go-fish]

Alright, now this is getting serious.......

[WS6]

Crane has been sliding hill down for a while now. Their catalog was horrible to use. Their products for the LSx engines didn't work that well either. Sucks but it doesn't surprise me. Now if someone says Comp is closing, then you've got my attention

[Steve1968LS2]

Crane has been sliding hill down for a while now. Their catalog was horrible to use. Their products for the LSx engines didn't work that well either. Sucks but it doesn't surprise me. Now if someone says Comp is closing, then you've got my attention

Don't even speak of COMP closing.. no no no

[moreHP]

Thats a bummer. I dont use crane stuff, but I still hate to see them fall and see the people lose their jobs.

[BonzoHansen]

Damn.

[rocketrod]

Alright, now this is getting serious.......

x2....

[TT302Z28]

That sucks....

[Damn True]

Alright, now this is getting serious.......

Oh it's been serious.

The current path isn't going to help either.

[MrQuick]

...this is only the beginning. I thought Elgin was going to buy them????

[LowBuckX]

This has been coming for many more years than you think. And it should be a warning to all us Blue collar workers. This has been done to me twice and a few other people I know.
This is what Im talking about.. The article I read said they are an "Employee owned company" That is either ESOP or something cooked up by the owners.

Here is what happens
Higher ups know the future is bleak many many years before it happens. They start an ESOP "Employee Stock ownership Program"
(google it) The owner of said company and his generosity claims he is selling all shares of the company to the employees in large lots at a price he or an outside source sets. And they are bought when he wants to sell even if that means the company has to take out loans to do so. When all shares are bought the company is now Employee owned .. But that means squat for you as an employee because you own imaginary stock ran by CEOs presidents VisePresidents that you have no control over the hireing or fireing of.. You have to become "Vested" by nearly impossible goals to attain Then when you are vested the stocks in your portfolio are only paid to you apon retirement or death.. But most likely you will be fired for a lower wage person "For the good of the company decided by people you as an owner had no choice in hireing"'' Blah blah blah all said and done company implodes higher up get their contracted Gold parachute employee owners are finding new jobs with 1000 shares of a company worth negative dollars...


Sorry for the rant but its happened to me twice one place took 3 years from start of ESOP to locked doors and second one I left after 4 years service when their ESOP finely bought out the owner and now they are tanking bad eliminated 2 shifts and run on a skeleton crew.... Oh and a New President Will and can kill a company on purpose to get their golden Parachute.......... Maybe not 100% correct what is happening with Crane but when I see "Employee owned" I see nothing good OWNERS "OWN" for a reason and "SELL" for a reason

[vintageracer]

When I see "Employee owned" I see nothing good OWNERS "OWN" for a reason and "SELL" for a reason

You generally make money or at least cash out when you "Sell" not when you buy so lets sell to people who have the least knowledge and will pay the most money for a business. The Employees!!!

The employees are usually a great group to sell a company to. They usually have no clue what is going on in the market, feel threatened by job loss if they do not buy the company, always think they know much more about the business/market than the current owner and for some crazy reason that I have never understood, want to be an equal company owner with that crazy SOB that works next them!

The more I think about it, the employess are the perfect buyer if I am selling a business!

[wmhjr]

There are plenty of cases where an employee buyout was very successful. Not far from here a number of small to medium sized companies went that route back in the 80s, and into the early 90s. They're still around, and the "workers" run the company. They (until recently) were profitable, they saved jobs, and they cut cost. They did this because for the first time, the employees actually had a vested interest in the company performance, as opposed to just being interested in a paycheck.

It's not always good, but it's not always bad either.

[DriverzInc]

Yup, heard about this a few days ago too through my friends at Wilwood. These are hard times we're all dealing with.

Companies in this industry are hurting, I don't care who you are, or what vendors might be bragging about to you, everyone is affected by diminishing monthly and annual sales. It all goes back to my earlier post, support the vendors guys.

[jeff s]

bad marketing

[class67]

That is unfortunate, I've never used Crane products but there is alot of history there and it is sad to see it all come to an end.

[Jim Nilsen]

From what I got out of reading the article, I saw that they were EMPLOYEE OWNED up to 2006 and then were bought by the current company ownership.

I am now wondering if it went through one stage to the next because the company made them employee owned or if they actually were ?

Sounds like the writing on the wall is getting more predictable as times get harder.