STAMFORD, CONNECTICUT - April 24, 2001 - Crane Co. (NYSE:CR) confirmed today that the Board of Directors elected Eric C. Fast as President and Chief Executive Officer of the Company at the annual meeting on April 23, 2001. He succeeds R. S. Evans, who will continue to serve the Company as Chairman of the Board.

E. C. Fast stated: "I believe that Crane Co. is well positioned with good businesses, capable management and a strong balance sheet. I am excited by the opportunities at Crane and look forward to building on the strong foundations laid by Shell Evans."

About Crane

Crane Co. is a financially strong, global enterprise with sales and operations spanning the Americas, Europe, Asia and the South Pacific. Headquartered in Stamford, Connecticut, Crane Co. employs over 9,000 people worldwide.

Crane Co. businesses manufacture and sell a diverse range of products including: vending machines, airplane braking devices, pumps, valves and other industrial goods. The industries served are just as diverse, ranging from aerospace manufacturing, power generation and hydrocarbon processing to commercial and residential building, plumbing, and food and beverage production - even snowmaking.

Source: Crane Co.

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