After sales slowed in the fourth quarter of 2022, Crane Co. forecast a sales decline for its Engineered Materials division, which includes Crane Composites.
Crane Composites manufactures fiber-reinforced plastic (FRP) composite materials supplied to RV OEMs.
Crane Co. Chief Financial Officer Rich Maue said the Engineered Materials division saw sales rise 4% in the fourth quarter from the fourth quarter of 2021. However, Crane Composites sales were down from the previous year, “in line with the industry production rates,” the company said.
This year, the company expects the Engineered Materials division to see additional declines. The company forecast a 15% decline in sales for the division, “driven by recreational vehicle OE production cuts.”
