(8-3-2006) - Crane Technologies Group Inc., of Daytona Beach, Fla., has been acquired by Mikronite Technologies of Eatontown, N.J., which provides technology and parts for the aerospace, automotive, commercial and medical fields, according to a recent press release. The acquisition will take place within 60 days, subject to shareholder approval.
Crane will continue its operations at 530 Fentress Blvd., according to the press release, and the Mikronite company may move some of its operations and employees to that famous address in Daytona Beach. Present Crane employees and the customers they serve are not expected to be affected by the purchase, the press release said.
The Mikronite company has been involved with Crane Cams for more than a year, and its Mikronite metal finishing process has been used on a variety of Crane hi-po performance parts since then. Mikronite, says the press release. The purchase will provide Crane Cams with more than $8 million in cash equity and equipment-related financing, the release says. Jeff Coats, CEO of Mikronite, will become president and CEO of Crane Cams, while Gene Ezzell, CEO of Crane Cams, will become president of Mikronite Automotive Technologies and will develop new automotive and industrial businesses for Mikronite. --- Dale Wilson