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August 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stamford’s Crane Co. buys currency manufacturer for $800M

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.

An example of currency and the security strips that are embedded in it.

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.