So, first of all, Crane is a diversified manufacture of engineered industrial products. We have substantial presence in focus niche markets and by niche markets we normally mean, $1 billion to $2 billion. While our businesses typically have high returns and access cash flow.One of the core values of Crane is to conduct all of our businesses, business dealings with integrity and honest dealings, this goes back to 1855, R.T. Crane, the founder of the company. Crane has been on the journey for the last 10 years, since Eric Fast came at the company, moving much more from a holding company to operating -- integrated operating, and the Crane business system is really the cornerstone of that integrated operating company. So we do think the same way in each of the divisions from an operational excellence point of view. Our strategy reviews standardized or monthly reviews are standardized, so we really a very much open integrated company and we do acquisitions to strengthen our existing businesses. I mentioned moment go that we are in niche markets. I won’t go through each of these pie charts with you, but it does give you an idea that fundamentally we look for markets that are $1 billion to maybe as much as $2 billion in size. For instance in Aerospace, our landing systems business is a key market leader. We are really one of two major companies in the world that design brake control systems for large commercial aircraft. And we like these spaces because it creates high barriers entry and give us a technology -- leading technology position. So when I talk about leading market shares, it -- this is really something that is evident in across the company, in Aerospace and Electronics, we are number one in brake controls and Engineered Materials we provide fiberglass reinforced plastic to recreational vehicle manufacturers for sidewalls.
In Merchandising Systems we are number one in terms vending in North America, so we make vending machine for people Coke and Pepsi for instance. And we are number two in global payment solutions and these businesses fundamentally coin and bill validation systems.In the Fluid Handling we are key leader for process valves and Sleeved plug valves in Europe, Diaphragm valves in Europe and Teflon lined pipe in Americas. So we really use our technology to create leading market share positions. We have a number of proprietary or custom technologies. The wireless brake control system for the Boeing 787 is a state-of-the-art design, no one else have ever done this before. We make miniature device for Cochlear – for the Cochlear hear implants for people that are seriously hard of hearing. And we make fiberglass reinforced panels that replace wood for step van like that better express and UPS will be using, we’re taking weight out of the product, so that the gas efficiency improves. We also an instantaneously validate currency in a 100 different currencies and we are on improve manufacturing list for process valves. So we really work to develop highly engineered custom and proprietary technologies as an industry layer. Our strategy is really quite simple. We want to grow profits from our existing operations and then redeploy that free cash flow for acquisitions. We work very hard to materially improve our operations again through using the Crane business system and we form strategic linkages among the businesses to give us a smaller number of larger business units. Again our Crane business system is really a cornerstone of our performance includes really, listening very carefully to the voice of the customer and creating a serious of tools for both growth, as well as manufacturing efficiency and productivity tools, as well as leadership tools, our strategic deployment process and then intellectual -- very discipline intellectual capital development process. So these are the common business process across the company that drives our integrated operating culture. Read the rest of this transcript for free on seekingalpha.com