Crane Co. (NYSE:CR) made the following statement regarding the ruling
handed down today by the New York State Court of Appeals with respect to
the Dummitt and Suttner asbestos cases, which upheld two state court
judgments against the Company totaling approximately $6.7 million:
“We are disappointed by the Court’s ruling, which is in conflict with
those made by courts in other states as well as on the federal level
addressing ‘duty to warn’ standards for equipment manufacturers who did
not make asbestos products. In its decision, the Court adopted a new
test that considers ‘economic necessity’ in determining a manufacturer’s
duty to warn about the potential hazards of third party products used in
combination with its own product. This new test will now have to be
interpreted and applied by the lower courts in New York.
Crane Co. never manufactured asbestos-containing products, and it
believes that all of its products were safe when used as intended.
Consequently, Crane Co. will continue to vigorously defend itself
against asbestos cases, consistent with its past practices.”
About Crane Co.
Crane Co. is a diversified manufacturer of highly engineered industrial
products. Founded in 1855, Crane Co. provides products and solutions to
customers in the hydrocarbon processing, petrochemical, chemical, power
generation, unattended payment, automated merchandising, aerospace,
electronics, transportation and other markets. The Company has four
business segments: Fluid Handling, Payment & Merchandising Technologies,
Aerospace & Electronics and Engineered Materials. Crane Co. has
approximately 11,000 employees in the Americas, Europe, the Middle East,
Asia and Australia. Crane Co. is traded on the New York Stock Exchange
(NYSE:CR). For more information, visit www.craneco.com.
CR-G
Crane Co.
Jason D. Feldman, 203-363-7329
Director, Investor Relations