Crane is a manufacturer of highly engineered components and systems for mission-critical applications, operating through two segments: Aerospace & Advanced Technologies (AAT) and Process Flow Technologies (PFT). AAT makes sensing systems, landing and brake control systems, power conversion equipment, and RF/microwave components for commercial aircraft, military aircraft, and defense platforms. AAT products are frequently sole-sourced onto specific platforms, meaning once Crane wins a design, it supplies both original equipment and replacement parts for the aircraft's entire service life. Customers include Boeing, Airbus, and major defense prime contractors. PFT makes valves, pumps, and fluid measurement equipment for demanding industrial end markets including pharmaceuticals, cryogenics, nuclear, water/wastewater, and chemical processing. Crane sells through a direct sales force and application engineers, competing on technical depth and certifications rather than price. Crane's business model centers on premium pricing justified by proprietary technology, high switching costs, and aftermarket recurrence — replacement parts and spares carry higher margins than original equipment sales. Crane also pursues acquisitions of niche technology businesses with sub-optimized operations, then applies its Crane Business System (lean tools, product simplification, value pricing) to expand margins over time. Organic growth is driven by commercial aerospace production ramp-ups, defense spending, nuclear plant activity, cryogenic infrastructure buildout, and pharmaceutical manufacturing expansion.