Well-known cam shafts company Crane Cams shut down Feb. 24 for restructuring but says it plans to reopen, likely sometime in March.

All of the company’s 280 workers were laid off, though about 25 remain to work on military contracts. The closure was in response to the global economic problems, said vice president Steve Leva. He said the Daytona Beach, Fla., company planned to reopen in as soon as a week, or it may take up to 30 days.

Crane’s parts have become synonymous with performance and have been used by A. J. Foyt, the Wood Brothers, Bill Elliott, Richard Petty and many other well-known drivers.

The 56-year-old company first made a splash at the 1961 NHRA nationals, when a dragster using Crane roller cams was piloted by “Sneaky” Pete Robinson to the Top Eliminator award, breaking records and upsetting more-established competitors in the process.

Robinson’s success helped the company gain recognition throughout the 1960s as racing grew and the Detroit automakers thrived.

In late 2006, Crane was acquired by Mikronite Technologies Group Inc., and Leva said $18 million has been invested in equipment since the acquisition.

Earlier this week, the Daytona Beach News-Journal reported that Crane was closing, though more details were not available at that time.