4/2/2009
Crane Cams' Auction Company Says Sale Not Done
LiquiTec Industries Inc., which has been engaged to liquidate the assets of Crane Cams Inc. of Daytona Beach, Fla., one of the largest manufacturers of camshafts and valve train components for the performance industry, says that the deal to sell the company to Scorpion Performance is in serious negotiations but not yet a done deal.
Scorpion Performance recently stepped forward as a buyer for the company, and had even held a job fair in Crane's parking lot for most of their employees, but LiquiTec says that efforts to sell the company is still progressing and not yet a done deal. A spokesman for LiquiTec confirmed that it is in serious negotiations with Scorpion, however, there are other interested parties at this date. The LiquiTec spokesman says the sale of Crane Cams is progressing along and there is much due diligence taking place before a sale can be announced.
Crane Cams closed unexpectedly in late February and later announced that it planned to restructure and reopen later this spring. That is apparently no longer the case.
An auction sale of all remaining inventory and machinery is set for Wednesday, April 22, at the company’s former headquarters in Daytona Beach, Fla, should a deal to sell the company as a unit not be reached by this time.
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