http://www.news-journalonline.com/NewsJournalOnline/Business/Headlines/bizBIZ02042309.htmDAYTONA BEACH -- Crane Cams, a well-known maker of high performance auto camshafts, may reopen here but under new management and at a different location.
During Crane Cams' liquidation auction Wednesday, a business team that includes former Crane Cams president and CEO Lance Harris and Wisconsin-based S&S Cycles spent $1.2 million for Crane Cams intellectual property, which includes 16 trademarks, three patents and most importantly, the company name.
"The goal is to get the whole thing up and running again under the name Crane Cams. We paid that much for the intellectual property because the name is good and consumers know the name," said Anders Stubkjaer, S&S Cycles chief operating and financial officer. The company makes engines, components and parts for American-made motorcycles other than Harley-Davidson.
Crane Cams closed its doors and laid off about 280 employees in mid February about 56 years of business in Daytona Beach. The company was known for manufacturing high performance camshafts. .
Despite a potential purchase by Fort Lauderdale-based Scorpion Performance from Crane Cams parent company, Mikronite Technologies, Crane Cams had hired LiquiTech Industries to auction off the assets to pay corporate debt. It was not a foreclosure sale.
The Harris/S&S Cycle team also spent $215,000 on bulk bids for all the camshafts, valve trains, motorcycle and electronic inventories.
Harris could not be reached for confirmation, but Stubkjaer said the Crane Cams facility and machines are outdated and that was a major cause the company got into financial trouble when the economy went into recession. It also is the reason that if Crane Cams reopens, it will be at a different location.
Harris resigned as Crane Cams CEO when the company closed and even formed a company, Triton Performance Valve Train LLC, to buy Crane Cams, but that fell through. A new financial backer was found, Stubkjaer said.
Login
FAQ
Search
