Crane Co. Announces FRP Legal Settlement

STAMFORD, Conn.--(Business Wire)--
Crane Co. (NYSE:CR), announced today that on April 17, 2009 the Company reached
agreement to settle a previously disclosed lawsuit brought by Coachmen
Industries alleging failure of the Company`s fiberglass-reinforced plastic
material. As previously reported, a liability verdict was rendered by a jury in
this lawsuit on January 27, with the damages to be determined by a second jury
later this year. The aggregate damages sought by Coachmen totaled approximately
$65 million, and included approximately $20 million in repair and other direct
costs allegedly incurred, as well as approximately $45 million in other
consequential damages such as lost market share and lost profits. In a
mediation, the Company agreed to pay Coachmen an aggregate of $17.75 million in
several installments through July 1, 2009. Based upon both insurer commitments
and liability estimates previously recorded, the Company recorded a pre-tax
charge of $7.75 million in connection with this settlement.

Crane Co. is a diversified manufacturer of highly engineered industrial
products. Founded in 1855, Crane provides products and solutions to customers in
the aerospace, electronics, hydrocarbon processing, petrochemical, chemical,
power generation, automated merchandising, transportation and other markets. The
Company has five business segments: Aerospace & Electronics, Engineered
Materials, Merchandising Systems, Fluid Handling, and Controls. Crane has
approximately 11,000 employees in North America, South America, Europe, Asia and
Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For
more information, visit www.craneco.com.

Crane Co.
Richard E. Koch, 203-363-7352
Director, Investor Relations and Corporate Communications
www.craneco.com

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