10th December 2015
CRANE ANNOUNCES SEPARATION OF ITS STATIONERY DIVISION
BOSTON, MA – December 10, 2015 - 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.