SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) June
21, 1999
Crane Co.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-1657 13-1952290
(State or Other (Commission File (IRS Employer
Incorporation) Number) Identification No.)
100 First Stamford Place, Stamford, CT 06902
(Address of principal executive offices) (Zip Code)
(203) 363-7300
Registrant's telephone number, including area code
_______________________________________________________
_____
(Former Name or Former Address, if Changed Since Last
Report)
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Item 5. Other Events.
On June 21, 1999, Crane Co. ("Crane") announced
that the Board of Directors had authorized management
to develop a plan for the possible spin-off of Huttig
Building Products to Crane Shareholders on a tax-free
basis. Huttig Building Products is the trade name for
Huttig Sash and Door Company, a wholly owned subsidiary
of Crane that is one of the largest distributors in the
U.S. of doors, windows and other building products. For
the year ended December 31, 1998 Huttig had revenues of
$707 million and operating profit of $27 million.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
(c) Exhibit No. Description
(1) Crane Co. Press Release, June 21,
1999.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange
Act of 1934, the registrant has duly caused this report
to be
signed on its behalf by the undersigned hereunto duly
authorized.
CRANE CO.
Date : June 21, 1999 By: \s\ Augustus I.duPont
Name: Augustus I. duPont
Title: Vice President,
General
Counsel and Secretary
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<PAGE>
EXHIBIT INDEX
(c) Exhibit No. Description
(1) Crane Co. Press Release, June 21,
1999
EXHIBIT (1)
CRANE CO. CONSIDERING HUTTIG BUILDING PRODUCTS SPIN-OFF
STAMFORD, CONNECTICUT--June 21, 1999--Crane Co.
(NYSE:CR) announced today that its Board of Directors
authorized management to develop a plan for the
possible spinoff of Huttig Building Products to Crane
shareholders on a tax-free basis. R. S. Evans,
Chairman and Chief Executive Officer, stated: "We
believe that Huttig as a stand-alone company would be a
more effective participant in the consolidation
currently taking place in the building products
industry, and that separation of this distribution
business from Crane's manufacturing businesses will
benefit both companies and produce added value for
Crane shareholders."
Crane is a diversified manufacturer of
engineered industrial products.
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