SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D. C. 20549


                                    FORM 11-K

                                  ANNUAL REPORT


                        Pursuant to Section 15 (d) of the
                       Securities and Exchange Act of 1934

                      For the year ended December 30, 2001


       A. Full title of the plan and the address of the plan if different
                      from that of the issuer named below:


                     AMENDED AND RESTATED CRANE CO. SAVINGS
                               AND INVESTMENT PLAN


      B. Name of issuer of the securities held pursuant to the plan and the
                   address of its principal executive office:


                                    CRANE CO.
                            100 First Stamford Place
                           Stamford, Connecticut 06902





AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN

TABLE OF CONTENTS


                                                                           Page

INDEPENDENT AUDITORS' REPORT                                                  1

FINANCIAL STATEMENTS
Statements of Net Assets Available for
         Benefits as of December 30, 2001 and 2000                            2
Statements of Changes in Net Assets
         Available for Benefits for the years
         ended December 30, 2001 and 2000                                     3
Notes to Financial Statements                                                 4

SUPPLEMENTAL SCHEDULES

   SCHEDULE H, Line 4i - SCHEDULE OF ASSETS HELD FOR
         INVESTMENT PURPOSES AS OF DECEMBER 30, 2001                         11

   SCHEDULE H, Line 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
         FOR THE YEAR ENDED DECEMBER 30, 2001                                12

Exhibit 23.1 - Consent of Independent Auditors                               13









INDEPENDENT AUDITORS' REPORT

Amended and Restated Crane Co. Savings and Investment Plan:

We have audited the accompanying statements of net assets available for benefits
of the Amended and Restated Crane Co. Savings and Investment Plan (the "Plan")
as of December 30, 2001 and 2000, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan at December 30, 2001
and 2000, and the changes in net assets available for benefits for the years
then ended in conformity with accounting principles generally accepted in the
United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of (1) assets held for investment purposes as of December 30, 2001 and (2)
reportable transactions for the year ended December 30, 2001 are presented for
the purpose of additional analysis and are not a required part of the basic 2001
financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These schedules are the
responsibility of the Plan's management. Such schedules have been subjected to
the auditing procedures applied in our audit of the basic 2001 financial
statements and, in our opinion, are fairly stated in all material respects when
considered in relation to the basic 2001 financial statements taken as a whole.



Deloitte & Touche LLP


Stamford, Connecticut
June 25, 2002

                                        1





AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN


STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 30, 2001 AND 2000
                                                                
                                                             2001               2000
                                                  ----------------    ---------------
ASSETS

INVESTMENTS, AT FAIR VALUE:

Crane Co. Stock Fund                                  $44,839,383        $49,573,899
Huttig Stock Fund                                       1,624,344          1,268,150
Prudential Jennison Growth Fund Z                      13,998,523         15,651,828
Prudential Stock Index Fund Z                           7,455,921          7,748,731
Wells Fargo Stable Return Fund                         24,108,248         20,272,641
Fidelity Advisors Growth Opportunities Fund T          13,420,313         17,435,590
Oppenheimer Enterprise Fund A                           1,950,638          3,546,900
Putnam International Growth Fund A                      3,469,248          2,586,303
Dreyfus Premier Balanced Fund A                         6,439,378          7,077,266
MFS Mid-Cap Growth Fund A                               2,708,387                  -
Fidelity Advisor Dividend Growth      Fund T            2,052,143                  -
Loan Fund                                               3,434,224          3,431,163
                                                  ----------------    ---------------
Total investments                                     125,500,750        128,592,471
                                                  ----------------    ---------------


RECEIVABLES:
Company contributions (Crane Co. Stock Fund)               174,415           107,282
Employee contributions                                    841,811            818,686
Employee loan payments                                    121,977            122,235
Total receivables                                       1,138,203          1,048,203

Total assets                                          126,638,953        129,640,674


NET ASSETS AVAILABLE FOR BENEFITS                    $126,638,953       $129,640,674

See notes to financial statements.











                                        2

AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN



STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEARS ENDED DECEMBER 30, 2001 AND 2000
                                                                           
----------------------------------------------------------------------------------- -----------------------
                                                                    2001                     2000
CONTRIBUTIONS:
Employee                                                               $10,642,098             $10,312,837
Crane Co. (Crane Co. Stock Fund)                                         3,388,229               3,008,803
   Total contributions                                                  14,030,327              13,321,640

(LOSS) EARNINGS ON INVESTMENTS, NET:
Interest and dividends                                                   1,281,111               1,368,464
Net(depreciation) appreciation in fair value of investments            (11,753,768)
                                                                                                 6,167,397
   Total(loss) earnings on investments, net                            (10,472,657)              7,535,861

Distributions to participants                                          (12,179,417)            (18,074,372)
Rollovers and transfers from other plans                                 5,686,401               1,602,213
Administrative and other                                                   (66,375)                 31,605

Net (decrease) increase in net assets available for benefits
                                                                       (3,001,721)               4,416,947

Net assets available for benefits
 Beginning of year                                                     129,640,674             125,223,727

Net assets available for benefits
 End of year                                                          $126,638,953            $129,640,674



See notes to financial statements.

















                                        3






AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
--------------------------------------------------------------------------------

1.   DESCRIPTION OF THE PLAN
 The following is a brief description of the Amended and Restated Crane Co.
Savings and Investment Plan (the "Plan"). Participants should refer to the Plan
agreement and amendments for more complete information.

     A.   General - The Plan is a defined  contribution  plan  covering  certain
          United  States  employees  of  Crane  Co.  and its  subsidiaries  (the
          "Company").  The Plan is subject  to the  provisions  of the  Employee
          Retirement Income Security Act of 1974 (ERISA).

     B.   Plan  Amendments  - The Plan was  amended  effective  January  1, 1997
          designating  the  portion  of  the  Plan  invested  in  Company  Stock
          consisting of (a) Contributing Company matching  contributions,  which
          are   invested  in  Company   Stock   through  the  Company   Matching
          Contribution  Stock  Fund  and  (b)  Participants'   Deferred  Savings
          contributions  that  participants  have elected to invest in the Crane
          Co. Stock Fund,  as an Employee  Stock  Ownership  Plan, as defined in
          Section 4975 of the Internal  Revenue  Code.  Effective  June 1, 1997,
          employees are eligible to  participate in the Plan on the first day of
          the month coinciding with or following their date of hire.

     C.   Administration  of the Plan - The  authority  to manage,  control  and
          interpret  the Plan is vested in the  Administrative  Committee of the
          Company.  The Committee,  which is appointed by the Board of Directors
          of the  Company,  appoints  the Plan  Administrator  and is the "named
          Fiduciary"  within  the  meaning  of the  Employee  Retirement  Income
          Security Act of 1974.

     D.   Participation - Subject to certain conditions, United States employees
          of Crane  Co.  and  eight of its  subsidiaries:  Dyrotech  Industries;
          Kemlite Company Inc.; Cochrane Inc.; Crane Capital Corp.;  Unidynamics
          St. Louis Inc.;  Xomox  Corporation  (effective  June 2001);  and Mark
          Controls  Corporation  (collectively,  the "Employer") are eligible to
          participate in the Plan  following  completion of one year of service,
          as defined in the Plan document. Employees are eligible to participate
          in the Plan on the first day of the month coinciding with or following
          their date of hire.















                                        4







     E.   Contributions   and  Funding  Policy  -  Participants   may  elect  to
          contribute  to the Plan from two to sixteen  percent  of their  annual
          compensation.   In  addition,   the  contribution   limit  for  highly
          compensated  employees,  those  whose  2001  earnings  equal or exceed
          $80,000,  is  seven  percent.  Contributions  are  invested  in  funds
          selected by the  participant.  The Company  contributes  on a matching
          basis an amount equal to 50 percent, of up to the first six percent of
          each participant's  deferred savings, which is invested in the Company
          Stock Fund. In accordance with the Internal Revenue Code,  participant
          pretax contributions could not exceed $10,500 in 2001 and 2000.

     F.   Expenses  -   Administrative   expenses  of  the  Plan  (except  those
          associated  with the Crane Co.  Stock Fund and the Huttig  Stock Fund)
          are paid by the Employer.  In addition personnel and facilities of the
          Employer used by the Plan for its accounting and other  activities are
          provided at no charge to the Plan.  Commission fees and administrative
          expenses  incurred  by the Crane Co.  Stock Fund and the Huttig  Stock
          Fund  are  paid  by  the  respective  funds  through   automatic  unit
          deductions.  Participant loan fees are paid by the participant through
          automatic deductions.


     G.   Vesting - Employee  contributions are 100 percent vested.  Vesting for
          employer contributions are as follows:


                        Years of Service                    Vested Interest
           Less than 1 year                                      None
           1 year but fewer than 2                                20%
           2 years but fewer than 3                               40%
           3 years but fewer than 4                               60%
           4 years but fewer than 5                               80%
           5 years or more                                       100%

          Participants whose employment terminates by reason of death, permanent
          disability or  retirement  are fully  vested.  Participants  are fully
          vested upon the attainment of age sixty-five (65).

     H.   Distributions  - A  participant  whose  employment  with  the  Company
          terminates  can  elect to  receive  all  vested  amounts,  subject  to
          applicable  tax law.  A  participant  may apply to the  Administrative
          Committee for a distribution  in cases of hardship.  The Committee has
          the sole  discretion  to approve  or  disapprove  hardship  withdrawal
          requests,  in accordance with the Internal Revenue Code. Any part of a
          participant's  Company contribution portion which is not vested at the
          time of  termination  of  employment  is forfeited  and used to reduce
          future Company contributions.

     I.   Plan   Termination  -  The  Company   expects  to  continue  the  Plan
          indefinitely,  but reserves the right to modify,  suspend or terminate
          the Plan at any time,  which includes the right to vary the amount of,
          or to terminate, the Company's contributions to the Plan. In the event
          of  the  Plan's   termination  or   discontinuance   of  contributions
          thereunder,  the interest of each  participant  in benefits  earned to
          such  date,   to  the  extent  then   funded,   is  fully  vested  and
          non-forfeitable.  Subject to the  requirements of the Internal Revenue
          Code, the Board of Directors  shall  thereupon  direct either (i) that
          the  Trustee  continues  to  hold  the  accounts  of  participants  in
          accordance  with the  provisions  of the Plan  without  regard to such
          termination  until all funds in such accounts have been distributed in
          accordance with such provisions,  or (ii) that the Trustee immediately
          distribute  to each  participant  all amounts  then  credited to their
          account as a lump sum.

                                        5





     J.   Tax Status - The Plan received a  determination  letter dated March 3,
          1995, in which the Internal  Revenue  Service stated that the Plan, as
          then designed,  was in compliance with the applicable  sections of the
          Internal Revenue Code (the "Code").  The Plan  Administrator  believes
          that the Plan is  currently  being  operated  in  compliance  with the
          applicable  requirements  of the Code.  Therefore,  no  provision  for
          income taxes has been included in the Plan's financial statements.


     K.   Rollovers  and  Transfers  from Other Plans - Rollovers  and transfers
          from other  qualified  plans are accepted by the Plan.  Rollovers  and
          transfers represent contributions of assets from other qualified plans
          of companies acquired by Crane Co. and participant account balances of
          new employees from other non-company qualified plans.

     L.   Participant  Loan Fund -  Participants  may  borrow  from  their  fund
          accounts  a minimum  of $1,000 up to a maximum  equal to the lesser of
          $50,000 or 50 percent of their account balance.  Loan transactions are
          treated as a transfers  between the investment fund and the Loan Fund.
          Loan terms range from 1-5 years or up to 10 years for the  purchase of
          a primary  residence.  The loans are  secured  by the  balance  in the
          participant's  account  and  bear  interest  at the  prevailing  prime
          lending  rate  on the  first  day of the  Plan  year  plus 2  percent.
          Principal  and  interest  are paid  ratably  through  regular  payroll
          deductions.

2. SUMMARY OF ACCOUNTING POLICIES
   The following is a summary of the significant accounting and reporting
   policies followed in preparation of the financial statements of the Plan.

     A.   Investment  Funds  The  Plan  provides  the  following  funds in which
          participants can elect to invest their Plan assets:

          Crane Co. Stock Fund - Invests in common stock of Crane Co.

          Huttig Stock Fund - This fund was created for the purpose of receiving
          the distribution on December 16, 1999, of the common shares of Crane's
          wholly-owned  subsidiary,  Huttig Building  Products  Corporation (the
          "Huttig  Distribution")  which was  distributed pro rata to holders of
          record of Crane Co.  common stock at the close of business on December
          8, 1999.

          Upon the Huttig distribution, participants became 100% vested in their
          shares of Huttig and  persuant to the Plan as amended,  a  participant
          could continue to hold those shares in the "Huttig Stock Fund", (which
          permits no  additional  contributions)  or direct the Plan  Trustee to
          transfer all or a portion of the Huttig Stock Fund to any of the other
          ten investment options presently offered under the Plan.

          Participants may not direct future contributions into the Huttig Stock
          Fund or transfer  investments into this fund from any other investment
          program.



                                        6





          Prudential  Jennison  Growth  Fund  Z  -  Consists  of  a  diversified
          portfolio of equity  securities  seeking to provide  long-term capital
          growth.  The fund normally  invests at least 65% of assets in equities
          issued by companies with market capitalizations  exceeding $1 billion.
          The  sub-advisor  seeks  companies  that it believes are  attractively
          valued  and have  demonstrated  earnings  and  sales  growth  and high
          returns  on equity  and  assets.  It may invest up to 20% of assets in
          foreign securities.

          Prudential  Stock Index Fund Z - Seeks to replicate the performance of
          the S&P 500 index.  The fund  normally  invests up to 80% of assets in
          securities listed on the S&P 500 index. It intends to purchase all 500
          securities  in the same  proportions  as they are  represented  on the
          index.  The fund seeks to achieve a .95 correlation with the index. It
          may invest the balance of assets in other  equity-related  securities,
          U.S.  government  debt,  put and call options on securities  and stock
          indicies, and futures contracts on stock indicies and options.

          Wells Fargo Stable Return Fund - Consists of a  diversified  portfolio
          of  assets  issued  by   highly-rated   financial   institutions   and
          corporations  as well as  obligations  of the U.S.  Government  or its
          agencies such as:  guaranteed  investment  contracts,  bank investment
          contracts, corporate bonds, U.S. Treasury/Agency Securities,  mortgage
          related securities and asset backed securities.

          Fidelity  Advisors  Growth  Opportunities  Fund  T  -  Consists  of  a
          diversified   portfolio  of  equity  securities   seeking  to  provide
          long-term  capital growth.  The fund normally  invests at least 65% of
          assets in equity securities of companies that management believes have
          long-term  growth  potential.   It  may  also  purchase   fixed-income
          securities. The fund may invest without limit in foreign securities.

          Oppenheimer Enterprise Fund A - Consists of a diversified portfolio of
          equity securities seeking to provide long-term growth of capital.  The
          fund normally  invests at least 65% of assets in equity  securities of
          companies with market capitalizations at or below $500 million. It may
          invest  the   remaining   assets  in  companies   with  larger  market
          capitalizations.  The fund may invest  without  limitations in foreign
          securities. It may invest in investment-grade debt securities.

          Putnam  International  Growth  Fund  A -  Consists  of  a  diversified
          portfolio of equity securities  seeking to provide long-term growth of
          capital.  The fund  normally  invests at least 65% of assets in equity
          securities  of companies  located  outside the United  States.  It may
          invest  in  companies  of any size  that it  judges  to be in a strong
          growth  trend  or that it  believes  to be  undervalued.  The fund may
          invest in both developed and emerging markets.







                                        7





          Dreyfus  Premier  Balanced Fund A - The fund  normally  invests 60% of
          assets in common  stocks  and 40% in  investment-grade  bonds.  It can
          invest up to 75% and as little as 40% of assets in  stocks,  and up to
          60% and as little as 25% of assets  in bonds.  The fund  invests  in a
          diversified mix of stocks and investment  grade bonds of both U.S. and
          foreign  issuers.  It may invest in  derivative  instruments,  such as
          options and futures.

          MFS Mid-Cap  Growth Fund A - Consists of a  diversified  portfolio  of
          equity securities seeking to provide long-term growth of capital.  The
          fund normally  invests at least 65% of assets in equity  securities of
          medium   market   capitalizations.    Management   determines   market
          capitalization  by selecting  companies  that fall within the range of
          the Russell MIDcap Growth index. It may invest up to 20% in debt rated
          below BBB and up to 35% of assets in foreign securities.

          Fidelity  Advisor  Dividend  Growth Fund T - Consists of a diversified
          portfolio of equity securities  seeking to provide long-term growth of
          capital. The fund normally invests at least 65% of assets in companies
          that the advisor  believes  have  either the  potential  for  dividend
          growth or commencing dividends.  It may invest in securities of either
          domestic  or foreign  issuers.  The fund may  invest in either  growth
          stocks or value stocks or both.

     B.   Investment  Valuation - Investments  in mutual funds are valued at the
          closing  composite  price  published  for the last business day of the
          year. The Crane Co. Stock Fund and Huttig Stock Fund are valued at the
          quoted  market  price  of  the  respective   companies  common  stock.
          Participant loans are valued at cost, which approximates fair value.

























                                        8




Below are the investments whose fair value individually represented 5 percent or
more of the Plan's net assets as of December 30, 2001 and 2000:

                                                                                     
                                                       2001                                 2000
                                       ----------------- -----------------     --------------- ---------------
                                           Shares/Units      Market Value        Shares/Units     Market Value
                                       ----------------- -----------------     --------------- ---------------
Crane Co. Stock Fund                          1,745,347       $44,839,383           1,743,258      $49,573,899
Prudential Jennison Growth Fund Z               928,284       $13,998,523             859,047      $15,651,828
Prudential Stock Index Fund Z                   288,542        $7,455,921             263,473       $7,748,731
Wells Fargo Stable Return Fund                  774,871       $24,108,248             689,715      $20,272,641
Fidelity Advisors Growth Opportunities
    Fund T                                      461,338       $13,420,313             510,559      $17,435,590
Dreyfus Premier Balanced Fund A                 491,931        $6,439,378             485,076       $7,077,265


     C.   Investment   Transactions   and   Investment   Income   -   Investment
          transactions  are  accounted  for on the date  purchases  or sales are
          executed.  Dividend income is accounted for on the  ex-dividend  date.
          Interest  income is  recorded on the  accrual  basis as earned.  Total
          income of each fund is  allocated  monthly to  participants'  accounts
          within the fund based on the participants' relative beginning balance.
          In  accordance  with  Department of Labor  requirements,  realized and
          unrealized  gains and losses are  determined  based on the fair market
          value of assets at the beginning of the plan year.

     D.   Distributions  to  Participants-  Benefit  payments are recorded  when
          paid.

     E.   General - The financial  statements  are prepared in  conformity  with
          accounting  principles  generally  accepted  in the  United  States of
          America which require  management  to make  estimates and  assumptions
          that affect the reported amounts of assets and liabilities at the date
          of the financial  statements,  and the reported  amounts of changes in
          net assets available for benefits during the reporting period.  Actual
          results could differ from those estimates.

3. PARTIES-IN-INTEREST
     The Plan has investments and transactions with  parties-in-interest,  those
     parties  being  Prudential  Trust  Company  (the  Trustee),  Crane Co.  and
     participants with loan balances.


4. SUBSEQUENT EVENT
     On February 1, 2002, the Crane Pumps & Systems  Savings and Investment Plan
     merged into the Crane Co. Amended and Restated Savings and Investment Plan.
     The total assets transferred were $8,692,390.


                                        9











SIGNATURE



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
 Administrative Committee of the Amended and Restated Crane Co. Savings and
 Investment Plan has duly caused this annual report to be signed by the
 undersigned thereunto duly authorized.



ADMINISTRATIVE COMMITTEE OF THE
AMENDED AND RESTATED CRANE CO.
SAVINGS AND INVESTMENT PLAN



                              /s/G. A. Dickoff
                                   G. A. Dickoff

                            /s/A. I. duPont
                                   A. I. duPont

                            /s/E.  Kopczick
                                   E.  Kopczick

                            /s/Z. A. Weinberger
                                   Z. A. Weinberger







Stamford, CT
June 25, 2002









                                       10






                                       AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
                                  SCHEDULE H, Line 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
                                DECEMBER 30, 2001

                                                                            

    Identity of Issue                                  Shares              Cost        Market Value

Crane Co. Stock Fund*                                1,745,347       $32,484,088        $44,839,383
Huttig Stock Fund                                      266,286         1,063,379          1,624,344
Prudential Jennison Growth Fund Z*                     928,284        19,245,994         13,998,523
Prudential Stock Index Fund Z*                         288,542         8,608,891          7,455,921
Wells Fargo Stable Return Fund                         774,871        22,037,932         24,108,248
Fidelity Advisors Growth
  Opportunities Fund T                                 461,338        20,803,208         13,420,313
Oppenheimer Enterprise Fund A                          138,737         4,145,033          1,950,638
Putnam International Growth Fund A                     175,836         4,304,131          3,469,248
Dreyfus Premier Balanced Fund A                        491,931         7,451,334          6,439,378
MFS Mid-Cap Growth Fund A                              244,439         2,823,073          2,708,387
Fidelity Advisor Dividend Growth Fund T
                                                       173,910         2,063,638          2,052,143
Loans to Participants*-
Loans have interest rates ranging from 8.0%
to 11.5% and mature in 2002 through 2011.                  -           3,434,224          3,434,224
                                                                     -----------       ------------
                                                                    $128,464,925       $125,500,750



* Represents a party-in-interest to the plan.





















                                       11








                                       AMENDED AND RESTATED CRANE CO. SAVINGS AND INVESTMENT PLAN
                                        SCHEDULE H, Line 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
                                                  FOR THE YEAR ENDED DECEMBER 30, 2001
                                                                                   
                             Cost of Assets          Proceeds          Cost of Assets Sold
                                Purchased              From                                       Net Gain
        Identity of Issue                             Sales

 Series of Transactions
 Crane Co. Stock Fund*           $3,632,187        $5,590,823                 $3,632,187          $1,958,637


     *Represents a party-in-interest to the plan.




































                                       12


















                                                                   Exhibit 23.1


INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration Statement No
33-22700 on Form S-8 of Crane Co. of our report dated June 25, 2002 appearing in
this Annual Report on Form 11-K of the Amended and Restated Crane Co. Savings
and Investment Plan for the year ended December 30, 2001.

/s/ Deloitte & Touche LLP

Stamford, Connecticut
June 28, 2002





























                                       13