Stamford’s Crane Co. has paid $800 million for the Massachusetts company that for nearly 140 years has supplied the paper used to make U.S. currency.
Boston’s Crane & Co. Inc., also known as Crane Currency, was founded in 1801 in Dalton, Massachusetts, where it continues to maintain a facility while being headquartered in Boston. The company designs and manufactures secure and highly-engineered banknotes for more than 50 central banks in the world, and employs nearly 1,100 people.
The firm is anticipated to generate $500 million in revenues this year, with roughly one-third of that from U.S. operations.
Crane Co. – which bought Crane Currency from private equity firm Lindsay Goldberg and shareholders that included members of the Crane family – provides products in the hydrocarbon processing, petrochemical, power generation, aerospace and other markets.
The deal is expected to close in the first quarter of 2018.