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Crane Company (CR) is a diversified manufacturer specializing in highly engineered industrial products. The company serves a wide range of industries, including aerospace, defense, chemical production, water management, and general industrial markets. Its offerings include advanced technologies and materials designed to meet the needs of both commercial and industrial customers, emphasizing innovation and customer responsiveness.
- Payment & Merchandising Technologies - Develops and supplies payment acceptance and dispensing products, as well as banknotes and security solutions for global markets.
- Process Flow Technologies - Provides process valves, commercial valves, pumps, and systems for industries such as chemical production, oil and gas, and water and wastewater management.
- Aerospace & Electronics - Manufactures commercial and military original equipment and aftermarket products for the aerospace, defense, and space sectors.
- Engineered Materials - Produces fiberglass-reinforced plastic (FRP) products for recreational vehicles, building products, and transportation applications.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alejandro A. Alcala Executive | Chief Operating Officer | None | Alejandro Alcala joined Crane in 2013 and has held various leadership roles, becoming COO in December 2024. He has led strategic transformations and operational excellence initiatives. | |
Anthony M. D'Iorio Executive | Executive Vice President, General Counsel, and Secretary | None | Anthony M. D'Iorio joined Crane in 2005 and became General Counsel in February 2018. He has extensive legal and governance experience. | |
Marijane Papanikolaou Executive | Vice President, Controller, and Chief Accounting Officer | None | Marijane Papanikolaou joined Crane in April 2023. She previously held senior roles at Pitney Bowes, GE, and Avon, focusing on financial reporting and compliance. | |
Max H. Mitchell Executive | President and Chief Executive Officer | Member of the G100, Board of Trustees of Manufacturers Alliance | Max H. Mitchell has been with Crane since 2004 and became President and CEO in January 2014. He has expertise in corporate strategy, portfolio optimization, and M&A integration. | View Report → |
Richard A. Maue Executive | Executive Vice President and Chief Financial Officer | None | Richard A. Maue joined Crane in August 2007 and has held various financial leadership roles, becoming CFO in January 2013. He oversees financial operations and strategic planning. | |
Tamara S. Polmanteer Executive | Executive Vice President and Chief Human Resources Officer | None | Tamara Polmanteer joined Crane in March 2021 and was promoted to Executive Vice President in February 2023. She has extensive HR leadership experience. | |
James L.L. Tullis Board | Director and Chairman of the Board | Chairman of Tullis Health Investors, LLC; Director of Alphatec Holdings, Inc.; Director of Lord Abbett & Co. Mutual Funds | James L.L. Tullis has been a Director since 1998 and Chairman since 2020. He provides strategic oversight and governance expertise. | |
Martin R. Benante Board | Director | Director of Crane Holdings, Co. | Martin R. Benante has been a Director since 2023. He is the retired Chairman and CEO of Curtiss-Wright Corporation, with extensive experience in strategic and operational management. | |
Sanjay Kapoor Board | Director | Director of Saab Inc.; Director of Black and Veatch | Sanjay Kapoor joined the Crane Board in April 2023. He is a retired EVP and CFO of Spirit AeroSystems, with significant financial expertise. | |
Susan D. Lynch Board | Director | Board Member at Allegro MicroSystems; Board Member at Onto Innovation Inc. | Susan D. Lynch joined the Board in August 2024. She has over 25 years of financial experience, including senior roles in aerospace and defense industries. |
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While you mentioned that the hurricanes and the Boeing strike haven't materially impacted your guidance, can you elaborate on the specific risks these events pose to your operations and supply chain continuity, and how you're mitigating them to ensure sustained performance?
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You've stated that your M&A pipeline is very active, with a small acquisition expected by year-end and larger deals likely in 2025. Given your significant M&A capacity, what are the barriers preventing you from executing larger transactions sooner, and how confident are you in scaling your businesses through M&A in the near term?
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Process Flow Technologies has shown significant margin improvement compared to pre-COVID levels, but you also cited impacts from Hurricane Helene. Can you provide more detail on the structural changes driving this margin expansion, and how sustainable are these improvements in the face of potential market headwinds?
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The Engineered Materials business was previously up for sale but faced regulatory hurdles. With current market conditions, what are your strategic plans for this business, and what steps are you taking to optimize its value, including a possible sale in the near future?
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Given the ongoing supply chain constraints and potential impacts from events like the Boeing strike, what specific actions are you taking to manage inventory levels and supplier relationships to prevent disruptions, and how might extended disruptions affect your growth trajectory, particularly in the Aerospace & Electronics segment?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CryoWorks, Inc. | 2024 | Acquired for $60.7 million on a cash-free and debt-free basis with a net working capital adjustment; the deal was funded partly by $50 million in borrowed funds and the integration into the Process Flow Technologies segment supports Crane’s hydrogen business and CRYOFLO brand, while key assets include $65.7 million in total assets and significant intangible values. |
Vian Enterprises, Inc. | 2024 | Acquired for approximately $102.5 million (with up to an additional $7.5 million contingent payment) through a $100 million revolving credit facility; the acquisition bolsters Crane’s Aerospace & Electronics segment with its expertise in multi-stage lubrication pumps and proprietary aerospace components, immediately accretive to EBITDA margins. |
Baum lined piping GmbH | 2023 | Acquired at a value of approximately $91 million on a cash-free and debt-free basis using $100 million borrowing, this deal enhances Crane’s global positioning in lined piping for chemical and industrial markets with strong European market presence and expected significant sales contribution. |