Crane & Co. announced Thursday it has agreed to purchase Kennebunk, Maine-based stationery company William Arthur and consolidate the companies at its North Adams facility late next year.

DALTON, Mass. (AP) _ 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.

Crane & Co. announced Thursday it has agreed to purchase Kennebunk, Maine-based stationery company William Arthur and consolidate the companies at its North Adams facility late next year.

Crane CEO Stephen DeFalco tells The Berkshire Eagle the deal gives his company "flexibility in the marketplace.''

The consolidation will result in no job cuts, which employs around 300 in North Adams. Crane will offer William Arthur's 270 Maine employees jobs in western Massachusetts.

The acquisition is expected to close Nov. 30. The purchase price wasn't disclosed.

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