The other shoe has finally dropped

[der Spieler]

A few weeks ago it was reported that Crane Cams was shutting down. Later it was reported that they were going to reorganize and all was going to be sunny. This was reported today. So much for reorganization.

PRESS RELEASE:

LIQUIDATION OF CRANE CAMS, INC. ANNOUNCED

Complete High Performance Camshaft Manufacturer
All Machinery, $2+ Million in Inventory, 16 Trademarks & 3 Patents for Sale

LiquiTec Industries, Inc. has been engaged to liquidate the assets of Crane Cams, Inc., one of the world's largest independent manufacturers of camshafts, valve train components and electrical ignition systems for the performance industry. Established in 1953, Crane Cams is a brand name recognized for high quality, precision products that are race-proven to withstand the rigors of competition. Product applications include automotive, motorcycle, marine, aircraft and other specialty markets.

The sale includes all machinery; all raw materials, work-in-process and finished goods including over $2 million of high performance and racing application engine components including camshafts, rocker arms, lifters and other parts for most GM, Ford and Mopar engines; 16 patents and three patents.

LiquiTec is accepting bids now for inventory, trademarks and patents. An auction sale of all remaining inventory and machinery will take place on Wednesday, April 22, 2009 at the company's former headquarters in Daytona Beach, Florida. The sale will also be broadcast over the internet via BidSpotter.com. For more information or to register to attend the sale, contact LiquiTec at (800) 852-9252.

 

[Todd]

Does Speedy Bill grind his own bump sticks? With the racing side of his enterprise it could be a good investment. (seriously)

 

[rooster57]

M y first cam came from Kams inc in oklahoma city the Horton brothers owne it and have for 45 years. I have a couple of machine there. Last time i was there he told me they had moved into the military IE gov contracts to supply cams for tanks to modular bolt together cams for the navy. He told me it killed him to let the auto cam buisness evaporate but the price of the import cams were so cheap he couldnt even make enough to pay the upkeep on his equipment . So he did what every good buisness owner does and make products that will support his buisness. The bottom line here is, the bottom line ,no one see's the harm that buying the import products cause untill a buisness like Crane cams closes.

 

[der Spieler]

Does Speedy Bill grind his own bump sticks? With the racing side of his enterprise it could be a good investment. (seriously)

Speedway branded cams are shown in the catalog but it doesn't say who makes them.

 

[Mike]

Crane ground a lot of cams for other companies, so it wouldn't surprise me if they were supplying cams to Speedway. There are even some other cam companies that were buying finished cams from Crane.

There was some talk going around that Scorpion was looking to buy what was left of Crane. Apparently they were even setting up a job fair to interview prior Crane employees about positions within the new company. I had also heard the Scorpion offer was woefully low and was not being considered, so there you go.

The truth of the matter is that Crane was really falling well behind the technology curve and their customer service was atrocious. Running a company so poorly in today's economic climate is a certain recipe for failure.

 

[Mike]

For what it's worth, I just saw a notice announcing today as the day of the Scorpion job fair. Maybe there is still an outside shot for them to acquire what is left of Crane?

 

[EX JUNK]

According to the five o'clock Orlando news today, Scorpion is 99.9 percent sure to buy Crane and rehire all of the laid off employees of Crane.

 

[RexRod]

For what it's worth, I just saw a notice announcing today as the day of the Scorpion job fair. Maybe there is still an outside shot for them to acquire what is left of Crane?

Mike, I could be wrong, but the job fair might be also for the bank. Most banks won't loan you money to buy a business unless you can prove you have a work force. Because the old Crane employee's where let go, the new potential owner needs to get some commitments from potential employee's, old or new, as part of their business plan. It might also explain why the deal now seems to be going through.

Just my thoughts.

David

 

[Youngster]

i have heard the repro, hipo chevy cams where also supplied from crane.

Ron

 

[Mike]

I see the Crane liquidation is being shown as an active liquidation on Liquitec's Web site - LiquiTec

Maybe the rumors about Scorpion's alleged offer coming up short were true.