Citing growing differences between the industries, Crane & Company has announced a plan to separate its stationery operations from the currency department. The stationery business will be run by current management and be owned by its employees.Crane has been producing stationery since 1801, but over the last 15 years the company has focused more on its global currency business. It has been the sole supplier of U.S. currency paper since 1964. With about 265 employees, Crane Stationery’s North Adams facility will continue to operate, according to President Katie Lacey.
“It allows us as a company to chart our own course, figure out what makes the most sense for this division, this business and our customers and employees to create our own next chapter,” said Lacey.
The company says the stationery division represents less than 10 percent of Crane’s revenues. The separation is expected to be finalized by the end of the year.
