Crane Co. history

In addition to ledgers, which it had been producing since 1863, Byron Weston products included diploma parchment, bond, and index papers, as well as archival record paper used by local governments.

By 1865 the Crane brothers completed construction of an industrial-size factory on Jefferson Street, which enabled them to expand all facets of business operations and manufacture a full line of valves in materials ranging from cast iron to malleable iron and brass.

In 1866 the company printed its first catalog, which contained products as diverse as fire hydrants, ventilating fans, machine tools, water pumps, bung bushings for beer barrels, and steam engines.

Crane's entry into the elevator business began in 1867, when the company designed an engine with a safety valve to control elevator speed with heavy loads.

During the 1870’s Crane became a manufacturing leader when they started using machines that were available for multiple purposes.

After the Chicago Fire of 1871, the company decided to expand its operations.

In addition, the company established a presence in passenger elevator manufacturing in 1872, spinning off a separate subsidiary called the Crane Elevator Company that remained a major competitor in the field for over three decades.

In 1873, he helped develop a paper for the Winchester Arms Co. to be used as wrapping for the repeater shells of that company's new rifle.

The company became the sole supplier of currency paper for the United States Treasury in 1879.

Later in the 1880’s as the Crane Company continued growing they actually acquired and operated four different manufacturing plants which gave jobs to over one thousand and five hundred people.

Anticipating the need for new materials and innovative solutions to remain competitive, Richard T. Crane established a chemical laboratory in 1888.

It was during the 1890’s that more innovations, including the first metallurgical lab in the Midwest kept Crane on top of what was going on in the world around them.

With increased focus on industrial manufacturing, it sold its elevator division in 1895 to a joint venture that eventually became the Otis Elevator Company.

In 1900 the Crane Company began producing a variety of new products for them which included Crane valves, Crane fittings, and a large assortment of other pieces of Crane equipment.

The company celebrated its 100th anniversary in 1901, with four paper mills and nearly 1,000 employees.

Crane expanded to East Coast markets with the 1903 acquisition of the Eaton, Cole & Burnham Company in Bridgeport, Connecticut.

In 1907 Crane negotiated for a German steel innovator, Zenzes, to join its staff and supply his coveted patents.

By 1910 Crane was producing valves and fittings with minimum tensile strength of 60,000 psi.

The year 1912 held the tragedy of Crane founder RT Crane’s death.

In 1918 Canadian operations were incorporated as a separate company, Crane Limited, which grew to include Canadian Potteries Ltd., Warden King Ltd., and Crane Steelware Ltd. over the ensuing 20 years.

In 1920 Crane continued moving up in the world and opened a one million dollar showroom in Atlantic City.

By 1922, there were five Crane mills, and the several partnerships that operated them incorporated as Crane & Co., Inc.

In 1928, to foil counterfeiters, the company began scattering the red and blue silk threads throughout the bills rather than imbedding two lines of thread in each bill.

In 1932, the company established its stationery division and opened a retail operation in Dalton.

“You can’t run a railroad or build a dam, operate a paper mill or lay a sewer, dig an oil well or heat a hospital, or launch a battleship or even take a shower without using one of the more than 40,000-odd products that are made by Crane Co.” — Fortune magazine, July 1936

A year after that in 1937 The Golden Gate bridge opened and Crane components were featured in a variety of different areas of the bridge.

During the war, in 1942, more Crane valves were produced to meet the huge increase in demand.

With the 1951 acquisition of Hydro-Aire Incorporated, Crane entered the business of precision aircraft products and flow control equipment, supplying filters and valves to all manufacturers of turbine type aircraft engines.

In 1956, Crane bought Dalton's other paper manufacturer, the Byron Weston Company, the original supplier of paper for Social Security cards.

The October 1959 acquisition of the Chapman Valve Manufacturing Company of Indian Orchard, Massachusetts, significantly expanded domestic valve operations, especially on the East Coast.

Expansion continued throughout the 1960’s.

In 1961 the Deming Company, a manufacturer of residential and industrial pumps and water systems, was acquired.

In an effort to improve its position in the area of building products, Crane acquired Huttig Sash & Door Company in 1968, adding milled wood products, windows, and doors to its line.

During the 1970’s basic expansion and growth was seen for the company.

Benjamin J. Sullivan was elected president in 1975, the first person to hold that office who was not a member of the Crane family.

The 1979 acquisition of Medusa Corporation, a cement and aggregates company, added yet another basic materials industry to Crane's list.

In 1980 Crane began a shift in business strategy away from cyclical basic materials businesses toward a diversified mix that would earn higher returns for shareholders.

In February 1984, T.M. Evans resigned as chairman and director of the company, leaving his post to the newly elected Richard Sheldon Evans--son of T. M.--who ushered in a major restructuring effort.

In 1985 the company acquired UniDynamics Corporation, expanding diversification in numerous areas: defense and aerospace contracting, fluid controls, vending machines and coin validators, automation equipment, fiberglass-reinforced polyester and laminated panels, and electronic components.

In February 1987, 12 Crane Supply plumbing, heating, and air conditioning wholesale distribution branches in southern regions of the United States were sold.

The first move was a reinterpretation of a 1988 law to mean that a bidder had to be 50 percent United States-owned, thus opening the door to foreign companies.

The Crane Co.'s Hydro-Aire Division was augmented in 1990 by the $40 million acquisition of Lear Romec Corp., a manufacturer of pumps for the aerospace industry.

R.S. Evans, Crane's chairman and CEO, noted in the 1992 annual report that "one benefit of a diversified business mix is that a recession rarely cuts across all units with equal impact."

The April 1993 sale of the precision ordnance business of Unidynamics/Phoenix to Pacific Scientific Company reflected further reduction in Crane's declining defense business.

Crane acquired Mark Controls in April 1994 for $95 million in cash plus assumed debt of $40 million.

Concentrating on consolidating the acquisitions of the previous two years, Crane was able to reduce its debt to total capital ratio to 44 percent by the end of 1995.

During 1996 Crane completed two acquisitions, the more significant being Interpoint Corporation, a designer and manufacturer of high-density power converters with applications in the aerospace and medical technology industries.

Crane picked up the acquisition pace in 1998, completing six acquisitions at a total cost of $224 million.

In 2001 Eric C Fast became the CEO and changed strategy for the company to be able to focus more on Crane producing.

In January, the government took bids from several companies in addition to Crane for the $400 million contract to supply currency paper through 2002, but by October it appeared that Crane would win that contract.