Crane Company has a market cap of $2.73 billion; its shares were traded at around $46.7 with a P/E ratio of 18.03 and P/S ratio of 1.23. The dividend yield of Crane Company stocks is 1.97%. Crane Company had an annual average earning growth of 0.6% over the past 5 years.Hedge Fund Gurus that owns CR: Tom Russo of Gardner Russo & Gardner, Steven Cohen of SAC Capital Advisors, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns CR: Mario Gabelli of GAMCO Investors, Pioneer Investments, David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC.
Highlight of Business Operations: The Aerospace & Electronics segment employed approximately 2,700 people and had assets of $499 million at December 31, 2010. The order backlog totaled $432 million, which included $23 million pertaining to our acquisition of Merrimac Industries Inc. (Merrimac) and $351 million at December 31, 2010 and 2009, respectively.
The Merchandising Systems segment employed approximately 1,840 people and had assets of $420 million at December 31, 2010. Order backlog totaled $30 million at December 31, 2010 (which included $8 million pertaining to our December 2010 acquisition of Money Controls Limited (Money Controls)) and $24 million at December 31, 2009.
During 2008, we completed two acquisitions at a total cost of $79 million in cash and the assumption of $17 million of net debt. Goodwill for the 2008 acquisitions amounted to $14 million.
During the fourth quarter of 2008, in response to disruptions in the credit markets and a substantially weakening global economy, we initiated broad-based restructuring actions in order to align our cost base to expected lower levels of demand. These actions included headcount reductions and select facility consolidations. As a result, in the fourth quarter of 2008, we recorded pre-tax restructuring and related charges in the business segments totaling $40.7 million which, at the end of 2008, correlated to an estimated pre-tax savings of $37 million for 2009. Together with an anticipated $25 million reduction in Aerospace engineering spending, along with other general expense cost reduction efforts, we expected, at the end of 2008, aggregate full year 2009 savings of $75 million.
During 2009, as sales levels declined further than expected, we accelerated our productivity programs to ensure our cost base was sized appropriately and to maximize cash flow. Based on the traction of our cost savings initiatives, including substantial reductions in engineering expense and other general expense categories, we raised our initial 2009 savings target from $75 million to in excess of $150 million for the full year. We exceeded our revised target and achieved full-year savings of approximately $175 million, or 8% of 2009 total sales.
Research and development costs are expensed when incurred. These costs were $65.9 million, $98.7 million and $153.4 million in 2010, 2009 and 2008, respectively, and were incurred primarily by the Aerospace & Electronics segment. Funds received from customer-sponsored research and development projects were $9.2 million, $8.1 million and $15.5 million in 2010, 2009 and 2008, respectively, and were recorded in net sales.
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