Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, reported second quarter sales of $545.5 million, down 21% from second quarter 2008. Profit declined 53% to $27.8 million.
The company eliminated 270 positions during the quarter, bringing total headcount reductions to 1,900, or 16%, since year end 2007. Additional reductions are expected in the second half of the year.
Year-to-date, sales were $1.1 billion, down 20% from 2008. Profit declined 52% to $51.1 million.
Segment Results
Sales in the Aerospace & Electronics segment declined 11% during the second quarter to $147 million, a result of significant declines in demand in the Aerospace Group. Demand in Electronics improved slightly during the period.
Engineered Materials …
