Document pmq6VEGj31LkX9nkRekkBQ216

CRTX 0037 Directors Thomas M. Evans, Chairman Dante C. Fabiani John D. Garrison Robert Heller P. Blair Lee Mark W. Lowell A. Varick Stout Charles W. Veatch R. Arthur Williams Officers Thomas M. Evans, Chairman Dante C. Fabiani, President Robert E. Casner, Vice President, Plumbing, Heating and Air Conditioning Croup Donald R. DeVeaux, Vice President, Engineered Products Group Charles R. Eble, Vice President, Customer Relations Dale A. Lichty, Vice President, Hydro-Aire Division Charles H. Lovelace, Vice President, Industrial Products Group Horace R. Riggs, Vice President, Crane Supply Company Frank L. Luce, Secretary and General Counsel Allen M. Harrelson, Treasurer and Chief Financial Officer William E. McCoy, Executive Vice President, Crane Canada Limited Robert E. Dunnett, Managing Director, Crane Limited (Great Britain) Stock Transfer Agents Morgan Guaranty Trust Company, New York 15, New York Continental Illinois National Bank and Trust Company of Chicago, Chicago 90, Illinois Montreal Trust Company, Montreal, Canada Registrars of Stock The Chase Manhattan Bank, New York 15, New York The First National Bank of Chicago, Chicago 90, Illinois The Royal Trust Company, Montreal, Canada Auditors Arthur Young & Company, New York 6, New York Executive Offices Crane Co., 300 Park Avenue, New York 22, New York Crane Canada Ltd., 620 Dorchester Street, W., Montreal, Canada Crane Limited (Great Britain), 15-16 Red Lion Court, Fleet Street, London E.C. 4, England The Cover: New manufacturing and engineering facilities overseas, with a stronger emphasis on international marketing, provide the theme for Crane Co.'s 1962 annual report cover. The background diagram is an engineer's schematic drawing for a hypothetical piping installation. CRTX 0038 1962 ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 Contents Page 2 Financial Highlights 2 Letter to Shareholders 4 Review of 1962 Operations: 4 United States 8 International 11 Consolidated Statement of Income 12 Consolidated Balance Sheet 14 Consolidated Statement of Earned Surplus 14 Report of Certified Public Accountants 15 Ten-year Summary 16 Outstanding Crane-equipped Installations CRTX 0039 FINANCIAL HIGHLIGHTS 1962) 1961 Sales: $333,767,000 Earnings: 3,194,000 Earnings per common share: 2.21 Depreciation per common share: 6.52 Cash Flow per common share: 8.73 Current Assets: 127,603,000 Current Liabilities: 39,376,000 Total Assets: 197,978,000 Book Value per common share: 96.18 Dividends paid per common share: 2.00 $319,556,000 5,676,000 3.83 5.79 9.62 135,307,000 35,935,000 209,286,000 94.50 2.00 (1) Based on 1,285,270 shares outstanding December 31, 1962 (2) Based on 1,382,570 shares outstanding December 31, 1961 To the Shareholders: The particular problems which continued to beset the building materials industry in the United States in 1962 have been well publicized in the press and are reflected in Crane's reduced earnings. Never theless, progress was made during the year in im provements and additions to your Company's line of products. Also, consolidation and integration of the acquisitions made during recent years were car ried forward. Today, Crane Co. has a stronger and more^competitive position in markets in the United States and overseas than it has ever had before. Sales and Profits In 1962, net sales were $333,767,000 compared with $319,556,000 the previous year. Consoli dated net income was $3,194,000 compared with $5,676,000 in 1961, or $2.21 per share of common stock outstanding at the end of the year, compared with $3.83 per share a year earlier. Charges for depreciation were $8,383,000 in 1962, or $6.52 per share, compared with $8,000,000, or $5.79 per share in 1961. Cash flow (earnings plus deprecia tion) for 1962 totaled $8.73 per share, compared with $9.62 in 1961. Accumulated funds of the major pension plans continue to be in excess of the estimated pension rights vested in pensioners and employees. There fore, as in 1961, no payments were made to the trustees in the United States. Your Company paid other costs amounting to $734,000 -- about 30% less than 1961--under unfunded plans and as a result of voluntary payments to retired employees. .fljv 2 CRTX 0040 The Federal Trade Commission dismissed charges, filed in 1960, against Crane Co. for alleged anti trust violations. International To supply the growing Southwest Pacific market, construction of a Crane valve manufacturing facility was completed in Australia and the plant was in production in early 1963. In Canada, a new enamel and steel plumbing ware plant replaced one which had been demolished by fire in 1961. Crane Limited (Great Britain) acquired the D.E.V. Engineering Company Limited, manufacturers of butterfly valves, thereby adding a new product. Crane Co. operations outside the Western'Hemi sphere accounted for 9.3% of shareholders' equity at year end and 78.3% of consolidated net income for the year. Substantially all of these operations were conducted in the European area, which con tinues its general economic improvement. 3,600 shares of common stock were issued under option agreements at an average cost of $41.83 per share, resulting in a net reduction of 97,300 com mon shares. Also, 9,000 shares of your Company's preferred stock were acquired at a total cost of $728,000, or an average cost of $80.89 per share. During the year, your Company provided from consolidated earned surplus a $2,500,000 reserve for foreign contingencies for its international opera tions and, following the establishment by the Can adian Government of a new stabilized exchange rate, charged against this reserve $2,017,848 representing the unrealized loss arising from the restatement as at January 1, 1962 of all the assets, except fixed, assets and long-term investments, of its Canadian subsidiaries. The remaining balance in the reserve for foreign contingencies is available for possible future exchange fluctuations. Four quarterly dividends, totaling $3.75 per share, were paid on preferred shares in 1962, and a total of $2.00 was paid on each share of common stock during the same period. Financial On February 20, 1963 a $35,000,000 nine-year credit agreement was entered into with a group of 16 leading banks. Approximately $28,700,000 will be used to repay the present balance of the existing term loan entered into in 1960 in an original amount of $45,000,000. The additional funds, under the new loan, will be added to working capital. The new agreement provides interest at the same rate as the prior agreement. During 1962, 100,900 shares of your Company's common stock were acquired at a total cost of $5,023,000 or an average cost of $49.78 per share. Respectfully submitted. / . hi. X---* T. M. Evans Chairman February 21, 1963 D. C. Fabiani President 3 CRTX 0041 REVIEW OF 1962 OPERATIONS A review of your Company's operations during the past year showed pro gress in building sales volume, the addition of new plants and facilities in Australia, Canada and England, continuing heavy emphasis on research and development, improvements and economies in manufacturing techniques. Research and development and quality control facilities were extended throughout Crane Co., even to the installation of a dust-free "Clean Room" at the Hydro-Aire Division. United States Engineered Products Group (Chapman, Cochrane, Deming, Midwest Piping, Swartwout Divisions) Organized in 1961, the Engineered Products Group is an integrated source* ' of supply whose function is the development of major components for engi neered fluid handling systems in the chemical, petroleum, process, power and other industries. Its aim is to provide better customer service and a com prehensive responsibility for related products in a systems concept, all from one source of manufacture. This Group's major product line consists of valves (Chapman), fluid treatment equipment (Cochrane), pumps (Deming), piping fabrication and erection (Midwest), electronic controls and instrumentation (Swartwout). The total integration of the extensive engineering and research facilities of the group has strengthened its ability to develop flow control systems which use the multiple products of the entire group. At one recent installa tion (the San Diego Municipal Sewage System) Chapman valves and Swartwout instrumentation, together with the Hydro-Aire Division's engi neering and technological training coordination, combined to supply a single customer with a complete "package" of Crane-made products and services. The marketing of these products was strengthened early in 1962 by the formation of the Engineered Products Sales Division, which brought together five separate field sales organizations under a single administration, to per mit broader, more intensive market cultivation and deeper market penetration. Headquartered in Philadelphia, this Group has available extensive engi neering staff and facilities and a large research and development function. The latter was established to coordinate inter-divisional product development. At the Chapman Division, the complete line was technologically analyzed and a modifications program initiated, in a continuing dedication to the improvement of all products. Chapman continues to serve customers around the world with highly-engineered special service valves for the defense, power, petroleum and water works industries. An outstanding example was the production of the world's largest two-port slide valve, weighing 52,000 pounds, for a major United States oil company's huge refinery. CRTX 0042 Comprehensive demineralizing water treatment plant, designed and manufactured by the Cochrane Division, was installed at Consolidated Edison's Ravenswood Electric Generating Station in Queens, New York. World's largest slide valve (26 tons, 66 feet long) was built by the Chapman Division for Sun Oil Company's huge new refinery at Marcus Hook, Pennsylvania (above, right). After an intensive review of its present and future markets, the Cochrane Division determined that water treating, mechanical equipment and chemical processing are of significant importance and warrant major emphasis. At the same time, the division is continuing its emphasis on research and development, with modifications and improvements of existing products. Among these are an ion exchange- process and two new waste treatment' systems. Additional developmental research is continuing on new filtration' processes, new water treatments permitting successful detergent removal and fabricated auxiliary equipment for steam generators. An example of the latter is the packaged boiler feedwater system. Developments at the Deming Division were largely in the areas of new product introduction and modification. New models introduced during the year included two split-case double-suction pumps, nine sewage pumps, two (a submersible and an upright) sump pumps, a single improved pump consolidating two small sump pumps and an all-plastic centrifugal pump. Among many important orders was one for 15 Deming vertical immersion type pumps installed in a huge new plant at Fort Smith, Arkansas. Outstanding among the major contracts awarded to the Midwest Piping Division was the piping fabrication and erection for a new liquid hydrogen plant for Air Products & Chemicals, Inc., at Long Beach, California, for which the Industrial Products Group supplied 120 stainless steel valves. Most of the plant's liquid hydrogen output will be designated for the National Aeronau tics and Space Administration's Saturn rocket program. The Swartwout Division introduced a new ServoRecorder, which incor porates the latest solid state electronic components in its motor-operated, transistorized miniature amplifier design. Similar advanced designs were in the planning stage for other Swartwout products. Industrial Products Group (Chicago Division, Chattanooga Division, Mid west Fitting Division) Cost reductions, new product development, product redesign and new manufacturing equipment and methods set the pace in the Industrial Products Group during the year. The Midwest Fitting Division's fitting and flange sales and manufacturing activities were transferred to the Industrial 5 CRTX 0043 o Products Group from the Engineered Products Group, in order to take advantage of the broad deployment of the Industrial Products Group's distributor-oriented organization. A new line of welding fittings for use in the plumbing and heating industry was introduced in 1962. Among other new products which entered the market were low cost ball valves, butterfly valves, large thru-conduit pipeline valves, an additional model of the Crane Teledyne motor operator and venturi pattern gate valves. Chapman foundry, largest in the valve industry, casts bodies for many of the world's largest valves, has a melting capacity >/ more than 100 tons of alloy steel per day. Plumbing-Heating-Air Conditioning Group (11 plants) A new $3 million plumbing fixture plant was under construction for Crane Co. at Somerset, Kentucky, and will be in operation later in 1963. Due to the further obsolescence of cast-iron radiators, the manufacturing plant at Geneva, New York, was closed and production of its remaining business, which has been declining, was transferred to the plant at New Castle, Pennsylvania. As part of a revamped marketing program, additional emphasis was placed on selling to the trade level,, and seventy-two distributors were added during the year. Promotion and advertising to distributors was increased, as were exhibits for the trade. A color motion picture, titled "Crane: The Complete Line", was completed and has been shown to hundreds of audiences throughout the United States and Canada. Among new products introduced were the Celette and Neu Beverly lavatories, along with a new line of medicine cabinets, the Oxford and the Criterion Siphon Jet water closets and the Neu-Tarnia diagonal bath tub. A new $20 million plant in Fort Smith, Arkansas, , utilizes IS Deming vertical immersion type pumps (left in picture) to keep a giant pickling machine humming. The AllianceWare Division, one of the nation's largest facilities for the production of enameled steel plumbing ware, accomplished major production economies, facilities improvements and a stronger marketing operation. CRTX 0044 - Svx This simulated Blast/Launch Test Missile was developed by the Hydro-Aire Division (or the U. S. Navy. The training device costs 93% less than an actual missile. One of several new products entering the market from the Industrial Products Gioup was the Monarch butterfly valve. Transistor-powered ServoRecorder was designed and manufactured by the Swartwout Division, incorporates latest solid state electronic components. During 1962 AllianceWall, Inc. was established as a separate subsidiary to manufacture and sell AllianceWall, a new insulated porcelain enamel on aluminum or steel building panel. This product is presently receiving wide acceptance in the fields of both remodeling and new construction. Research in the heating field resulted in new boilers and other heating units by the Cyclotherm Division, which produced, with the Cochrane Division, six of the largest heat exchangers it had ever built, for use in the oil industry. The Marine Products Division- fulfilled several major contracts during" the year. Outstanding among them were 21 automatic hydraulic hatch covers for the world's first nuclear cargo ship, the N.S. Savannah, which also is fitted with Crane primary gate valves, Cochrane primary demineralizers, a Cyclotherm emergency package boiler, a Chapman main ejector and over board discharge valves, and Crane plumbing fixtures. Hydraulic hatch covers were supplied to other large vessels as well, and 14 hydraulic sideports were completed for four new passenger-cargo ships. Of eighteen new vessels (completed in the United States during the past eighteen months) that are considered outstanding by marine engineers, nine are fitted with products from one or more Crane divisions. On display, at our New York showroom, is this selection of some of the Plumbing-Heating-Air Conditioning Group's newest top line plumbing fixtures: a 6-foot Fathom tub, a Hygiene bidet, a Rexmont water closet and Marcia and Celeste lavatories. 7 CRTX 0045 The Hydro-Aire Division's Hytrol Mark II Anti-Skid Control Systems are installed in McDonnell F-lIO fighter planes, enabling them to land tvith maximum braking control on any runway and in any weather. U.S.S. Enterprise, atomic aircraft carrier, the largest ship ever built, carries Crane and Chapman valves throughout, as well as Cochrane deaerating feedwater heaters and drain regulators. Hydro-Aire Division Notable among the new products developed during the year was the Hydro-Aire Division's Blast/Launch Test Missile (Tartar), selected by the U. S. Navy as an economical method to test blast/launch effects and relia bility, and to provide training for personnel under simulated combat condi tions. The B/LTM, a "throw-away" simulated weapon system, has the same conformation, width, center of gravity and thrust at launch as the TARTAR tactical missile with which it is interchangeable in almost all respects. It provides the government with practice missiles at a saving of 93% of actual missile cost. Another new Hydro-Aire product is the Multiple Input Temperature Alarm System, designed to warn pilots of excessive temperatures in their' aircrafts' braking systems. The new Air Turbine Driven Fuel Booster Pump, designed and produced by Hydro-Aire in 1962, averages 80% less in weight than competing products, in a market where component weight is of great importance. Crane Supply Company With the distribution of Crane-manufactured products as its primary function, Crane Supply Company continued its "rehousing" program: 14 of its 61 branches have been relocated thus far, and plans call for relocating 16 more in 1963. Decisions on these relocations were influenced by the opportunity to reduce operating costs, to service major customers more efficiently, and their accessibilities to transportation facilities. International Crane Co.'s 1962 operations reflect a strong emphasis on product and marketing improvements in order to compete more favorably in the growing international marketplace. ' New valve manufacturing facilities in Australia, England and the Nether lands enabled Crane Co. in 1962 to offer customers overseas a more complete and diversified product line, and more services, than any other manufacturer in this field. N.S. Savannah, world's first nuclear-powered merchant ship, is completely fitted with Crane Co.'s hydraulic hatch covers. Crane gate valves, Cochrane demineralizers. Cyclotherm boiler. Chapman main ejector and discharge valves, and Crane plumbing fixtures. . . ' CRTX 0046 8 Crane Canada Limited (13 plants -- Valves; pumps; fittings; fluid treatment; piping; plumbing; heating; air conditioning). New products and modifications were introduced, a new plant was com pleted and a general improvement in servicing the important Canadian market was realized. The Engineered Products Group became firmly established in Canada during the fourth quarter, operating similarly to the Engineered Products Group's marketing activities in the United States. In September, a new 200,000 square foot steel plumbing ware plant at Stratford, Ontario, was officially opened, replacing the one destroyed by fire at Quebec City in 1961. This plant houses up-to-date and efficient production equipment for forming and enameling steel products. Additional machinery and equipment installations are planned here for early 1963. A Canadian preference for domestically-manufactured products, the tariff situation and the establishment of a fixed exchange rate combine to make the Canadian operations extremely important to your Company. New plants in 1962: valve manufacturing in Sydney, Australia; steel plumbing ware in Stratford, Ontario. Crane S.A. (France) (2 plants - Valves; fittings). New equipment, including an annealing furnace and a number of machine tools, was installed. A line of small, bronze, light-weight, gate valves and various types of cryogenic valves were developed. Malleable fittings were redesigned to conform to international standards. Petroleum valves were modified to reduce their weight. Crane, Limited (Great Britain) (5 plants -- Valves; pumps; fittings; fluid treatment; heating). In April, this company acquired ali of the share capital of D.E.V. Engineer ing Company Limited, of Leeds, England, designers and manufacturers of butterfly valves, adding a new product to the existing line. 9 CRTX 0047 Crane products are exhibited internationally. This display at the Lille International Fair in France attracted industry representatives from Belgium, France, Holland, and Luxembourg. 0' Annealing furnaces were installed at plants in England and France to insure quality annealing of castings. This pair of electric elevator furnaces, and four more like them, are now at work in the Ipswich, England, plant. In Great Britain, Crane is the main valve contractor for the country's Lurgi plants, part of Britain's new high pressure gas distribution systems. These valves were installed at Westfield, Scotland. 10 At the Ipswich Works, three additional pairs of electric elevator (anneal ing) furnaces were installed to insure quality annealing of malleable iron castings. Foundries were extended, new machines were added and offices were expanded. Crane (Great Britain) supplied a large number of the valves installed at the Coieshill plant of the West Midland Gas Board, which began gas produc tion early in 1963. These valves are similar to the Crane valves installed previ ously at Britain's first Lurgi plant at Westfield, Scotland. Crane Australia Pty. Limited (I plant -- Valves). Your Company's newest manufacturing facility, situated on a 21-acre site in Sydney (Australia's largest city), was ready at year's end to begin produc tion. Consisting of more than 50,000 square feet of plant and office space, the factory will produce a variety of valves which for 50 years have been imported into Australia, thereby providing Crane products and services to the rapidlyexpanding industrial growth of Australia and the entire Southwest Pacific region. Production of additional industrial products is planned for Australia. Crane-OrionS.p.A. (Italy) (1 plant -- Valves). Improvements in the foundry and machine shops helped to attain new pro duction records, despite a prolonged strike. New machinery for manufacturing valves and components reduced production costs, and a new testing system was designed and put to use for the automatic (hydraulic and air) testing of valves. New sales offices were opened in Rome, Genoa and Venice-Marghera, broadening the scope of the principal sales office in Milan. Denting de Mexico, S.A. (1 plant -- Valves; pumps). New machinery and patterns made possible the manufacture of valves, in addition to the production of water pumps. Your Company's line of centrifugal water pumps was also expanded. New valves and pumps in the test stages of development will be ready for full production in 1963. Each of the overseas facilities manufactures and supplies Crane products within its own geographical marketplace. At the same time, the International Sales Department in New York functions as a clearing house for customers in foreign countries, marketing products manufactured at Crane plants in the U.S. or overseas, or both. Customers can purchase identical products from the Crane source most advantageous to them from the standpoint of price, volume, delivery, currency preference, geography and job needs. CRTX 0048 CRANE CO. and Subsidiaries O CONSOLIDATED BALANCE SHEET Assets Current assets: Cash..................................................................................... Marketable securities, at cost which approximates market . Accounts receivable, less allowance for doubtful accounts S 1,021,101 in 1962; $792,568 in 1961......................... Inventories, at lower of cost or'market (after deducting $25,693,012 in 1962 and $25,811,288 in 1961 to state the principal inventories in the U. S. on a LIFO basis): Raw materials and supplies......................................... Work in process........................................................... Finished goods............................................................... Total current assets 1962 1961 $ 21,436,608 4,087,214 41,325,503 10,181,400 26,217,672 32,058,806 68,457,878 135,307,203 Investments at cost: Investment in foreign affiliate . . , Mortgage notes receivable . Other . . . Property, plant and equipment at cost: , Land.-'. . '--V--................. Buildings and improvements '-..y.'"'. . '.............................. Machinery and equipment : '...................................... Less accumulated depreciation 1 ... ................................... Prepaid expenses and deferred charges . 1,497,382 1,965,112 236,273 3,698,767 6,114,646 53,609,765 99,388,968 159,113,379 90,707,004 68,406,375 1,873,384 $209,285,729 CRTX 0050 CRANE CO. and Subsidiaries December 31,1962 with comparative figures for 1961' Liabilities and Shareholders' Equity Current liabilities: . Current maturity of long-term bank loan .... - . . .. Payable to banks by foreign subsidiaries. .'................... V . Accounts payable...................................................... Accrued payrolls, taxes and other liabilities.......... Accrued taxes on income. : ..' . . Total current liabilities ....'................. Long-term debt: . Bank loan, payable $1,795,000 quarterly from February 1, 1964 through November 1, 1966 and $1,765,000 on February 1,1967 plus interest, currently at 4% % *. Miscellaneous -- payable by foreign subsidiaries. . . . . d Minority interest in foreign subsidiaries.................................. Reserve for foreign contingencies -- $2,500,000 provided in 1962, less $2,017,848 unrealized exchange loss arising from restatement of certain assets of Canadian subsidiaries. 1962 1961 7,180,000 ' 5,406,127 11,736,030 9,808,346: 5,245,987 ' 39,376,490 $ 7,180,000 1,435,752 11,569,462. 11,353,703 - 4,396,327 35,935,244 23,305,000 866,159 24,171,159 1,215,370 30,485,000 884,446 31,369,446 1,321,756 482,152 Shareholders' equity: . Capital stock -- . . Cumulative preferred shares, 33A % par value $100 (redeemable at the option of the Company and sub ject to sinking fund requirements): Authorized -- 160,000 shares; outstanding -- 91,093 shares in 1962 and 100,093 shares in 1961 (after deducting 13,159 shares in treasury in 1962 and 8,398 shares in 1961). Common shares, par value $25: Authorized -- 3,500,000 shares; outstanding -- 1,285,270 shares in 1962 and 1,382,570 shares in 1961............................................................................ Earned surplus -- $10,664,032 in 1962 ($7,535,280 in 1961) is not restricted as to payment of common dividends............................................................................ Total shareholders' equity ........ Q 9,109,300 10,009,300 32,131,750 91,491,393 132,732,443 $197,977,614 34,564,250 96,085,733 140,659,283 $209,285,729 13 CRTX 0051 . CRANE CO. and Subsidiaries CONSOLIDATED STATEMENT OF EARNED SURPLUS Year endedDecember 31,1962 with comparative figures for 1961 "kfiki:'.- ; 1962 / $96,085,733 '...- 3,194,032 ' ! -99,279,765 - 1961 $ 97,879,04i 5,675,770 103,554,811 v . ' 348,168 ' 2,671,840 ' .Excess of cost over par value of reacquired shares -- net:>7%;' VT Q flfih stinrp.c (d. in .1 Qt311 '' ' . ; (171,891) . - . 2,440,255 ''**$ Provision for foreign conti^endes^^y Sj ^' V. f-A)^' aIai*ce at end of yearT T }' ' -' ;iV;--'''7Tv7/i.:- ' ` a ' 72,500,000 V - '7,788,372 $91,491,393 . 379,668 2,870,215 (108,355) 4,327,550 --- 7,469,078 $ 96,085,733 ; ~V A l-r-C ' '*,* . ' ' ,<* *-'* * kNumber of shares - .''Price per share k-A-kv:42,830 :v;TMk '.,$32.50 to $65.75' ^^340o:i4rc-' k--Ti.39.50 to 63.25: k%w;^S(7,000)^>v'; " .-32.50 to :60.00 ^^{3,600}-*^. : - X 32.50 to -.5125 ^??jS3573p i;;:$32J0 to $65.75. CRTX 0052 Ten-year summary of CRANE operations CRTX 0053 Among Outstanding Crane*Equipped Installations in 1962 . . . Hanford, Washington, Atomic Project produces vital plutonium and radioisotopes. The plant is equipped with Chapman and Crane valves, Cochrane deaerators, Deming pumps, and a Hydro-Aire flow control monitor system. American Telephone & Telegraph Company's first space satellite communications center at East Andover, Maine: nylon radome houses huge antenna to maintain contact with orbiting Telstar. Crane valves, fittings and plumbing fixtures are installed here. Luxury liner France has Crane pipelines for boilers and steam turbines and hundreds of valves, produced by Crane S.A. (France). Crane display at Mobile Trade Fair, Bombay, India, one of several U. S. Department of Commerce exhibitions in which Crane participates. New Brazilian steel mill, Cia Siderurgia Paulista, is equipped with Chapman double disc gate valves and swing check valves, both specially-designed to fit the plant's particular needs. Fine plumbing fixtures by Crane are installed in apartments, housing projects, offices, factories and public buildings around the world. These new apartments are in Puerto Rico. CRTX 0054 o Crane Co. Facilities -- U.S. and Other Countries o CRTX 0055 CRTX 0056