6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported second quarter sales of $545.5 million, down 21% from second quarter 2008. Profit declined 53% to $27.8 million.
The company eliminated 270 positions during the quarter, bringing total headcount reductions to 1,900, or 16%, since year end 2007. Additional reductions are expected in the second half of the year.
Year-to-date, sales were $1.1 billion, down 20% from 2008. Profit declined 52% to $51.1 million.
Sales in the Aerospace & Electronics segment declined 11% during the second quarter to $147 million, a result of significant declines in demand in the Aerospace Group. Demand in Electronics improved slightly during the period.
Engineered Materials segment sales declined 43% to $41.8 million, reflecting significantly lower demand from recreational vehicle, transportation and, to a lesser extent, building products end markets.
Total Merchandising Systems sales were $73.3 million, a decrease of 37%, reflecting a sharp decline in both Vending Solutions and Payment Solutions sales. The company has made good progress and remains on track to complete the previously announced consolidation of its vending machine production from St. Louis, MO, into its Williston, SC, facility by year end. Merchandising Systems headcount has been reduced approximately 20% compared to year end 2007 levels.
Second quarter 2009 sales in the Fluid Handling segment decreased 13% to $263.1 million, including a 15% decline of core sales.
Controls segment second quarter 2009 sales declined 46% to $20.3 million, reflecting significant deterioration in the oil & gas and transportation end markets.