Crane Stationery Sold To A New York Company
Crane Stationery Corp. has been sold. Employees at Crane, in the Hardman Industrial Park in North Adams, were informed of the sale Thursday afternoon. The buyer is Mohawk Fine Papers, a family-owned paper company from Cohoes, N.Y.
According to iBerkshires.com the price was not revealed but workers were told that their shares would be bought out. The company's president, chief financial officer, and operations manager will depart. Crane has about 270 employees.
Even with the sale to Mohawk, Crane will keep their existing brand names and products.
"The Crane name and reputation has withstood the test of time for more than 200 years and we are very excited to add this legendary paper and stationery brand to our family portfolio" said Tom O'Connor, Mohawk's chairman and chief executive officer in a statement.
Mohawk has been in business since 1931 and was founded by the O'Connor family. It now employees about 600 people.
O'Connor in addressing Crane employees said they have no intention of moving the plant or reducing the size of the workforce. All Crane employees with the exception of the three owners will join the Mohawk team.