Crane Currency, the Boston-based company that makes the paper used for U.S. currency at its Berkshire County facility, is being sold for $800 million.
Crane Currency has been a supplier of paper for U.S. money since 1879, and exclusively since 1964. Connecticut's Crane Company is now buying the paper manufacturer -- but the same name is merely a coincidence.
The paper is all made at a factory in Dalton, Massachusetts, where 350 people work.
Crane Currency CEO Stephen DeFalco said that will remain the case, despite the sale.
"Our Dalton operation is absolutely critical to the company," DeFalco said. "It's our founding location, so it's 216 years old, and provides a very valuable service in terms of in the role it plays in the U.S. currency program. That doesn't change under any owner."
Crane Currency has expanded globally in recent years. DeFalco said becoming part of a larger entity with more capital makes sense.
“Two-thirds of our revenue comes from the international market, and over half our employees work outside the United States," DeFalco said. "This was just a logical progression for a company our size to be able to be part of a larger, publicly-traded company, in terms of accessing the capital base and the stability that goes with that."
The sale is expected to close early next year.
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