Crane Cams to be acquired by Mikronite

Crane Cams announced today it is being acquired by Mikronite Technologies of Eatontown, New Jersey. Although still subject to shareholder approval, the transaction is expected to be completed within 60 days.

Mikronite is an industrial technology firm with contracts in the aerospace, automotive, commercial and medical fields. Its current customers include The Black and Decker Corporation, Liberty Gears and other well-known names in the performance automotive arena. Crane, a world-recognized manufacturer of camshafts, valve train and electronic components with a storied 53-year history, markets some of the most recognized brand names in the automotive performance industry.

Mikronite and Crane have enjoyed a business association for over a year. In a joint announcement, Jeff Coats, CEO of Mikronite, and Gene Ezzell, CEO of Crane, commented that the acquisition of Crane by Mikronite will build on this relationship and provides a solid platform for growth as Crane incorporates the Mikronite metal finishing process into a wide variety of high quality performance parts marketed through a variety of channels world-wide. Coats further remarked, “Combining Mikronite and Crane will strengthen what has already been a very positive association. The strength of any business rests on the quality of its employees and on the development of new products and services. Mikronite has developed a truly unique process that has tremendous potential in the automotive performance market. I see a bright future together and look forward to combining our patented Mikronite® technology with the people and capabilities of Crane, a company with such a rich tradition and highly respected name in the industry.” Mikronite expects to provide to Crane over $8 million in new cash equity and equipment-related financing.

Crane will continue its operations at 530 Fentress Boulevard, and Mikronite is considering relocating some of its operations and employees to Volusia County. Current Crane personnel will essentially remain in place, and customers should enjoy a seamless transition. Ezzell commented; “This infusion of resources will allow Crane to fulfill its commitment to customers to have what they need when they want it.” He went on to say that significant investment in machines, equipment and inventory is planned over the coming months to insure that this commitment is kept. In conjunction with the closing of the transaction, Coats will assume responsibilities as President and CEO of Crane. Ezzell will become President of Mikronite Automotive Technologies and will focus on developing new business for Mikronite in the automotive and industrial markets through his many years of experience and relationships.