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CRANE COMPANY BUYS CRANE CURRENCYThe headline's a head-scratcher, but the two-century-old banknote maker Crane Currency is being acquired by the unrelated industrial firm named Crane Co. -Editor
Crane Co., a diversified manufacturer of industrial products, including vending machines and payment systems, said it will purchase Crane Currency from private-equity firm Lindsay Goldberg, members of the Crane family and other shareholders, for $800 million on a cash- free and debt-free basis. Founded in 1801, Crane Currency is a pioneer in advanced micro-optic security technology, and a fully integrated supplier of secure, highly-engineered banknotes for central banks all over the world. Stamford, CT-based Crane Co.'s Crane Merchandising Systems unit is the nation's largest manufacturer of vending machines, vending software systems and cashless payments technology. Its Crane Payment Innovations is a leading producer of cash and cashless payment systems. "We are extremely excited to announce this transaction, which will be Crane Co.'s second largest ever, and brings together two companies with nearly 380 years of combined history. Crane Currency is the fastest-growing fully integrated global currency provider in the growing global banknote supply and security industry," said Crane Co. chief executive Max Mitchell. "Making it part of Crane Co. is a logical extension of our expanding presence in the currency and payment markets. Our combined businesses will be able to offer end-to-end currency and security solutions, from substrate manufacturing and banknote design and printing to micro-optics and banknote validation." Crane Currency is expected to have 2017 sales of approximately $500 million. Crane Co. intends to finance the acquisition through a combination of cash on hand and additional debt. The transaction is expected to take place early in the first quarter of 2018. Founded in 1801, the Connecticut-based Crane Paper (now Crane Currency) is a longtime supplier of banknote paper to the U.S. Bureau of Engraving and Printing. The firm traces its
roots to the founder's father, who supplied paper for money printed by Paul Revere during the Revolutionary War.
Chicago-based Crane Co. was founded in 1855 and is a diversified manufacturer of industrial products including chemical and power systems, payment systems and vending machines. -Editor To read the complete article, see: To read the complete press release, see: To visit the company web sites, see:  Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum All Rights Reserved. NBS Home Page Contact the NBS webmaster 
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