Crane Cams, one of the world's largest independent manufacturers of camshafts, valve train components and electrical ignition systems for the performance industry, is liquidating all its assets today.
The 56 year-old company headquartered in Daytona Beach, Florida, closed its doors in February, leaving 280 employees out of work. A spokesman at that time said plans were being made to restructure and reopen.
According to a press release later issued by Barry L. Kasoff, Chief Restructuring Officer, LiquiTec Industries had been contracted to liquidate the assets. Bids were being taken for more than $2 million in inventory, plus trademarks and patents, with any unsold goods to be auctioned today through LiquiTec. The auction was taking place at Crane Cams, Inc., 530 Fentress Blvd. in Daytona Beach beginning at 10 a.m. EDT.
LiquiTech listed the items to sale on their Web site. In addition to machinery, unsold products and raw materials, the sale included three patents, and six trademarks (Crane Cams®, Powermax, Compucom®, Cam Dynamics®, Blue Racer Performance Cams & Components®, Fireball®, Kool Nuts®, Posi-stop®, Import Power®, Energizer®, Hi Intensity®).
There had been speculation that Crane Cams would be purchased by a company called Scorpion Performance, but that rumor was squelched by Kasoff. In his press release he noted: “Crane has no agreement to sell its assets to Scorpion Performance, nor has it received any offer of any kind from Scorpion. Moreover, Crane has no reason to believe that any transaction will occur with Scorpion.”
Crane Cams was founded in 1953 as Crane Engineering Company, Inc. by Harvey J. Crane, Jr. in an unused corner of his father's Hallandale, Florida machine shop. It had evolved into a nearly $50 million dollar per year manufacturing and marketing company.
More information about the auction can be found at www.liquitec.net.
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