Crane Co. revenues slip amid pandemic

STAMFORD — Industrial-products manufacturer Crane Co. this week reported a small drop in quarterly revenues, as it dealt with disruption from the coronavirus crisis.

First-quarter revenues totaled about

$798 million, down about 4 percent year over year. In the same timeframe, the Stamford-based company posted an approximately $63 million profit compared with

$82 million a year ago.

“Our businesses all executed extremely well in the quarter despite the impacts of

COVID-19 on demand, and on our supply chain and operations,” Crane CEO and President Max Mitchell said in a statement. “In this difficult period, I have been incredibly proud of Crane’s 12,000 global associates who have responded quickly and effectively to the challenges posed by this pandemic.”

Crane shares closed Tuesday at about

$55, compared with a 52-week high of about

$91.

Also Tuesday, Crane announced the retirement of Chairman R.S. Evans, whose

47 years with the company included 36 years as the board’s chairman and a 17-year stint as CEO. James Tullis, a Crane board director since 1998, will succeed Evans as chairman.

“It has been an honor to be part of Crane over the last several decades,” Evans said in a statement. “I am extremely proud of this company and its 12,000 associates, and I am certain that many of Crane’s best years still lie ahead. I would also like to congratulate Jim Tullis on his new role as Chairman. Jim has served on Crane’s board with me for more than 20 years, and I am confident in his experience and leadership.”

Among recent milestones, the company agreed in December to acquire pump-andvalve maker Circor’s instrumentation and sampling business for $172 million. A couple of months earlier, the company abandoned a nearly $2 billion bid for all of Circor.

Also in December, company acquired for

$160 million Cummins Allison Corp., a currency and image-processing specialist. Crane made the acquisition to expand its Payment Innovations business.

Two years ago, Crane moved into banknote supplying with its $800 million acquisition of Crane Currency. The name shared by the two companies is a coincidence; they did not have a connection before the merger.

Other Crane divisions include fluid handling, engineered materials and aerospace and electronics.

“Crane Co. is fortunate to have a deep and experienced leadership team that has managed through multiple downturns in the past, as well as a strong balance sheet with ample liquidity, and a diverse portfolio of strong and durable businesses,” Mitchell said. “I am highly confident in the strength and resilience of Crane’s portfolio, and in our long-term outlook.”