Crane Nuclear history

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.

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.

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

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

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

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 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.

Expansion continued through the 1960s. It represented the largest acquisition in Crane's history and, by 1975, represented the company's single largest business interest.

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

During 1992 Moody's upgraded the company's senior debt rating from Baa2 to Baa1, while Standard & Poor's reconfirmed the company's A~ credit rating on the $100 million senior notes.

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.