Mass. Paper Company Acquires Hallmark Subsidiary

The Massachusetts company that makes the paper used to print U.S. currency has bolstered its stationery division by buying a Maine-based division of Hallmark Cards.

William Arthur will continue to operate out of its headquarters in West Kennebunk, Maine. In the second half of 2013 business operations will be consolidated to Crane's North Adams, Mass., facility.

Vera Wang is also being added to the Crane portfolio, which unites three of the leading brands within the stationery industry.

The acquisition is expected to be completed by the end of the month. Terms of the agreement are not being released.

Dalton-based Crane was founded in 1801 and has been the U.S. government's sole supplier of paper currency since 1964.

With reporting by The Associated Press and the WBUR Newsroom