Thursday, December 31, 2009

GE, Boeing brake resolution brings $19M to Crane

By Brendan Lynch

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Industrial engineering product manufacturer Crane Co. reports it will bring in $18.9 million after resolving differences with GE Aviation Systems LLC and Boeing Co. related to the brakes for Boeing’s delayed 787 Dreamliner plane. 

Stamford, Conn.-based Crane (NYSE:CR) had been developing the brakes for the Dreamliner in partnership with Lynn-based GE Aviation. Crane will now contract directly with Boeing on a modified version of the brake system. 

Boeing planned for the Dreamliner to begin service in 2008, but production of the plane was delayed. The Dreamliner recently completed its first two test flights earlier this month.

Crane was founded in 1855 and makes industrial products for the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets.