January 26, 2009

Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported a fourth quarter 2008 net loss of $8.3 million, compared with fourth quarter 2007 net income of $45.2 million. Fourth quarter sales decreased 12% to $589.3 million, including a core business decline of 7%.
 
Profit for the full year 2008 was $135.2 million, compared to a loss of $62.3 million recorded for 2007. Total sales in 2008 were $2.6 billion, essentially flat with 2007 levels. Full year 2008 core business sales decreased $51.7 million.
 
In October 2008, Crane announced it would take steps to reduce costs that could result in a fourth quarter pretax charge of up to $25 million. In light of further deterioration in the U.S. and global economy and its impact on ...