As managing editor of Columbus, Ohio-based profile extruder Crane Group today announced a new strategy and reorganization aimed at doubling the company's total sales, to $1 billion, by 2010. The announcement includes creating two new companies, Crane Group Cos. and Crane Investment Co.
Today Crane employs 1,300 and has 10 manufacturing facilities in six states, plus Chile and China. The company ranks 10th on our annual survey of North American pipe, profile and tubing extruders. But if we counted just profile extrusion, they would be No. 4.
“I don’t believe our grandfather could have ever dreamed of how dynamic and diverse the company he started in 1947 would become today,” said Tanny Crane, President and CEO of Crane Group. “The company has grown dramatically in the past decade both here in the U.S. and overseas. If we are going to double our sales by 2010, we need to provide focus for our core businesses and our investments, to insure their continued growth. I am confident we can do that by making necessary changes to our structure to ensure we remain a valued employer and strong competitor in the markets where we do business. These new subsidiaries also serve as a roadmap for our organization as we consider future acquisitions and expansion.”
The Columbus Dispatch has a story about the changes today, and quotes one of our staff reporters, Angie DeRosa, speculating that reaching its $1 billion goal might require doing some acquisitions. Calling one of the new units "Crane Investment Co." certainly sounds like they've got those kinds of plans, although Tanny Crane told the paper that most of the growth will come via expanding existing businesses.
Crane Group Cos. will include the firm's existing nine operations, which will be grouped into three new business units: Crane Service Group, Crane Marine Products and Crane Building Products. That last one includes most of the profile extrusion operations: TimberTech; Crane Performance Siding, custom profile extruder Crane Plastics, Crane Fencing Solutions and Evermark, which makes exterior door and frame components.