🠈  Crane Company  🠊

Crane Company

Crane Co. is a conglomerate which manufactures a variety of products from vending machines and industrial supplies to the paper used for producing currency.

The company's headquarters are in Boston, Ma. They trade on the NYSE with the symbol CR.

Crane Currency is a subsidiary that produces paper for bank notes. Note, there was not relation between Crane Currency and Crane Co before the merger.

Corporate Timeline

The primary sources for the timeline are Crane's web site, Funding Universe and Wikipedia.^1,2,3

• 1855: Richard Teller Crane and his brother Charles Crane founded R.T. Crane Brass & Bell Foundry in Chicago to produce valves, fittings, and specialty castings for industrial use.
• 1865: Company incorporated as Northwestern Manufacturing Company.
• 1871: The Chicago Fire created a demand for products.
• 1872: Company changed its name to Crane Bros. Manufacturing Co..
• 1885: Company adopted the name Crane Co..
• 189?: R.T. Crane established a metallurgical laboratory in the Midwest.
• 1936: Crane was listed on NYSE with the symbol CR.
• 1937: Crane provided railing materials for the Golden Gate Bridge.
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• 1959: Crane family sold control of the company and it became a conglomerate.
• 196?: Cran acquired Chapman Valve, Cochrane Corporation, Deming Company and Chempump.
• 1961: Crane had fifty manufacturing facilities in the US, Canada, England, France, Italy, The Netherlands, and Mexico.
• 1968: Crane acquired Huttig Sash & Door Company which produced milled wood products.³
• 1969: Crane acquired CF&I Steel Corporation.³ which became the company's largest division.
  • 1985: Crane spun off CFI as a separate company to stock holders.
• 1979: Crane acquired Medusa Corporation which offered cement and aggregate products.
  • 1988: Crane spun off Medusa to its stockholders.
• 1985: Crane acquired the conglomerate UniDynamics which includes Resistoflex with fluid handling technology.
• 1985: Crane acquired vending machine manufacturer National Vendors from Universal Match Company. This became the basis of Crane Merchandising Systems.
• 1986: Crane acquired PickOmatic Systems of Detroit.
• 1990: American Standard Brands acquired Crane's plumbing line.
• 1992: Crane Canada acquired select assets of Jenkins Canada, Inc.³
• 1990: Crane Hydro-Aire Division acquired Lear Romec Corp. for $40 million.
• 1991: An anti-trust suit prevented Crane from acquiring Milton Roy Co.. Milton accused Crane of "greenmail" and stock price manipulation.
• 1992: Pacific Scientific Company acquired Crane's Unidynamics/Phoenix division during recession.
• 1993: Crane acquired Filon based in Jonebore, Ar.
• 1993: Crane acquired Burks Pumps Inc. of Piqua, Oh for $70 million.
• 1994: Crane acquired ELDEC Corporation of Lynnwood, Wa for $77 cash and assumption of $17 million in debt.
• 1994: Crane acquired Mark Controls for $95 million cash and assumption of $40 million in debt.
• 1994: Crane Huttig acquired American Moulding and Millwork, of Prineville, Oregon, for $11 million.
• 1996: Crane acquired Interpoint Corporation which designed and manufactured high-density power converters.
• 1997: Crane purchased the transportation products business of Sequentia, Inc..
• 1997: Crane acquired Polyvend Inc. which manufactured vending machines.
• 1997: Crane acquired the nuclear valve business of ITI MOVATS from Westinghouse.
• 1997: Crane Huttig acquired MALLCO Lumber & Building Materials Inc..
• 1997: Crane acquired Stockham Valves & Fittings, Inc..
• 1998: Crane acquired Environmental Products USA, Inc.
• 1998: Crane Huttig acquired Number One Supply.
• 1998: Crane Huttig acquired Consolidated Lumber Company.
• 1998: Crane acquired Sequentia Holdings, Inc. which produced fiberglass-reinforced plastic panels.
• 1998: Crane lost a bidding war to B.F. Goodrich to acquire Coltec Industries, Inc.
• 1999: Crane spun off Huttig Building Products which then merged with the Rugby Group of Great Britin. Crane's shareholders had 68% of new business and Rugby 32%.⁴
• 2007: Crane set aside $390 million for potential asbestos liability claims.
• 2013: Crane acquired MEI Conlux Holdings
• 2017: Crane acquired Crane & Co., Inc. which produces paper products including paper for US currency

  History of Crane Currency

  Crane Currency is a company that produces paper for bank notes. There was no relation between Crane Co and Crane Currency prior to the 2017 acquisition.

  • 1770: Stephen Crane bought the Liberty Paper Mill which was the first paper mill in Massachusetts.
  • 177?: Paul Revere used paper from Crane to engrave banknotes to fund US Revolution.
  • 177?: Isaiah Thomas, publisher of the Massachusetts Spy newspaper acquired the mill on Stephen Crane's death during the revolution.
  • 1801: Zenas Crane (Stephen's son), Henry Wiswall and John Willard opened a paper mill in Dalton, Ma. Their cotton paper became a hit in Europe..
  • 1879: Crane won a contract to make US currency.
  • 1884: Crane incorporated silk threads in cotton paper to thwart counterfeiting.
  • 1879: Wilthrop M Crane won the contract to deliver paper to the US Bureau of Engraving and Printing.
  • 2002: Crane Paper acquired Tumba Bruk from the Central Bank of Sweden.
  • 2008: Crane acquired the Visual Physics which was a subsidiary of Atlanta based Nanoventions.
  • 2015: Employees acquired the stationery division of Crane Paper.

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References:

1. Crane Co - About Us (Drawn 9/24/2020)
2. Funding Universe - Crane Co (Drawn 9/24/2020)
3. https://en.wikipedia.org/wiki/Crane_Co. (Drawn 9/24/2020)
4. NY Times - Crane to Create Sepearate Business (Drawn 9/24/2020)
5. Wikipedia - Crane Currency (Drawn 9/24/2020)

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