Crane announces separation of its stationery division
Crane Stationery becomes employee owned company as Crane focuses solely on the global currency business
BOSTON, Dec. 10, 2015 /PRNewswire/ -- Crane & Co., Inc. has announced its plan to structure its stationery business as a separate company that will be led by the Crane Stationery management team and owned by all its employees. The stationery division represents less than 10% of Crane's revenues.
The separation of the stationery business completes the strategic repositioning of Crane into a company with a singular focus on its rapidly growing global currency business. The transformation has occurred over the past 15 years with major acquisitions to support the currency business and the sale last year of Crane's Technical Materials business. Crane is the fastest growing company in its industry and currently has 55% of its revenue and 40% of its employees outside the United States.
Crane Stationery has been dedicated to the art of classic correspondence for more than two centuries. Since 1801 the company has been renowned for its fine 100% cotton stationery used for social and business correspondence, wedding invitations and announcements. In 2012, William Arthur and Vera Wang Fine Papers joined the Crane Stationery portfolio, uniting three of the industry's premier brands. Crane Stationery products are sold by more than 1,000 independent retailers in the U.S. and abroad. The new company will maintain its existing headquarters in New York City and its production in the current facility in North Adams, MA.
"This marks the continuation of Crane Stationery's commitment to our employees, our retailers and our industry. I am excited to be working with our employees to write the next chapter of a company with such a strong American heritage," said Katie Lacey, Crane Stationery President. "I would like to thank Crane for its leadership and support as we have executed our new strategy."
"We thank all the Crane Stationery employees who worked to build this business and wish them the best of success in the future," stated Stephen P. DeFalco, Crane Chief Executive Officer. "We expect as a focused company it will continue to grow and prosper."
The transaction is expected to be completed at the end of December.
About Crane:
Crane has been a global producer of currency products for more than 200 years and is entrusted by more than 50 central banks to play an integral role in the design and manufacture of their nations' banknotes. From the most traditional of cotton substrates to the most advanced micro-optic security elements and design, Crane is a responsive partner focused on delivering innovative products and solutions that meet clients' most demanding requirements. For more information, please visit www.cranecurrency.com.
About Crane Stationery:
Crane Stationery is the world's premium purveyor of social stationery products, offering the finest designs and highest quality to discerning consumers everywhere. Crane is the leader in the fine stationery industry with a portfolio of three premium brands (Crane & Co., William Arthur and Vera Wang) each with unique positioning and design attributes. Proud to be made in America and hand crafted in the Berkshires, Crane Stationery continues to celebrate treasured social connections and life's milestones through its exquisite quality, design and craftsmanship. For more information on Crane products please visit www.crane.com.
SOURCE Crane & Co.
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