The Massachusetts company that for nearly 140 years has supplied the paper used to make U.S. currency has been sold for $800 million to a similarly named Connecticut company.
Stamford, Connecticut-based Crane Co. on Tuesday announced that it has agreed to buy 100 percent of the equity interests in Boston-based Crane & Co. Inc. — also known as Crane Currency — from private equity firm Lindsay Goldberg and shareholders including members of the Crane family.
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Crane Co., founded in 1855, provides products in the hydrocarbon processing, petrochemical, power generation, aerospace and other markets.
Crane Currency, founded in 1801 in Dalton, Massachusetts, is a pioneer in micro-optic security technology and a supplier of secure banknotes for central banks worldwide. Although corporate headquarters are now in Boston, it maintains a facility in Dalton.