Goshen, Ind.-based supplier Crane Composites Inc., through Crane Co. Philanthropic Organizations, donated over $20,000 to three Indiana charities in August.
According to a press release, on Aug. 1 the company donated to the United Way and the Salvation Army in Elkhart County. A donation was also made to the National Multiple Sclerosis Society-Indiana State Chapter, located in Indianapolis.
All donations were issued by the Crane Fund for Widows and Children. The Crane Fund for Widows and Children provides direct assistance to underserved populations and touches the lives of many who live in the communities where Crane Co., parent to Crane Composites, and its subsidiaries operate in the United States and Canada.
Crane Composites manufactures fiberglass sidewall finishes for recreational vehicles. In the heart of “RV country,” Crane Composites retains over 140 employees at its Goshen manufacturing facility. Crane Co. is a global leader in the production of fiberglass reinforced plastic (FRP) panels for the transportation, RV and building products markets.
Crane Co. announced Tuesday (April 21) that on April 17, the company reached agreement to settle a previously disclosed lawsuit brought by Coachmen Industries Inc. alleging failure of the company’s fiberglass-reinforced plastic material used for sidewalls in RVs.
As previously reported, a liability verdict was rendered by a jury in this lawsuit on Jan. 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, Stamford, Conn.-based Crane 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, Crane recorded a pre-tax charge of $7.75 million in connection with this settlement.