Boeing 787 on Crane systems

STAMFORD: Crane Co. had executed agreements with GE Aviation Systems LLC and The Boeing Company resolving its claims relating to the brake control monitoring system for the Boeing 787.

Under the agreements, Crane’s supply contract will now be direct to Boeing, and Crane will resume work, on a funded basis, on a modified version of the brake control monitoring system. Crane will receive payments aggregating $18.9 million in early 2010 associated with its claims. In conjunction with this agreement, Crane will record an EPS benefit of approximately $0.18 per share in the fourth quarter of 2009. This benefit was not included in the Company’s earnings guidance issued on October 26, 2009, of GAAP EPS for the full year 2009 of $1.90-$2.05.

Eric Fast, Crane Co. President and Chief Executive Officer, stated: “We are very pleased to have resolved this matter. We look forward to continuing our traditional successful supplier relationship with Boeing and working with GE on the landing gear system.”

Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has five business segments: Aerospace & Electronics, Fluid Handling, Engineered Materials, Merchandising Systems, and Controls. Crane has approximately