|Crane Sells Majority Stake in Wahconah Country Club Back to Club|
|By Andy McKeever, iBerkshires Staff|
03:19PM / Tuesday, May 07, 2019
|Jim Scalise and Rich Rowe when the sale was completed.|
DALTON, Mass. — Crane Currency has essentially given its stake in the Wahconah Country Club to the existing shareholders there.
The company had the majority share of the private golf course and event venue since the club was founded. Over the last couple of years, the company has been looking to shed some of its assets unrelated to the business at hand and the latest is selling its share of the golf course back to the club.
"It is for a modest sum of money, essentially a gift," said Crane Currency Vice President and General Manager Rich Rowe.
The move to sell to the current shareholders of the 18-hole course was made with the goal of keeping the club managed and overseen locally. Crane had originally donated the land for the creation of a golf course and the club has been essentially operating independently from the company.
"The main focus is on the local community and to give back to the community," Rowe said.
Wahconah Country Club President Jim Scalise was unavailable to provide more insight in the transaction but in a prepared statement heaped thanks upon Crane for the support of the club.
"We are grateful for this generous action by Crane Currency in terms of their support of our Club and the broader community," Scalise said.
The transfer follows a donation of some 126 acres of land known as Jericho Woods to Berkshire Natural Resources Council in 2016 and the donation of 685 acres of land known as the Boulders in 2015. Both of those are eyed to keep the spaces open for public use.
Rowe recognized that Crane Co., a previously unrelated company from Connecticut, had finalized the purchase Crane Currency last year and this sale signals continued support to Dalton and the Berkshires.
"Crane is significantly involved in the community," Rowe said. "Crane is really focused on the Dalton campus. We will be investing a large sum of money on the campus in the coming years."
The company says it is planning more than $5 million worth of capital expenditures this year and that over the last four years some $14 million had been invested. Rowe described the investments not as new buildings but upgrades, technology and equipment.
"We're investing more in the U.S. currency programs," Rowe said, describing Crane has having a "big, big commitment" to Dalton and the Berkshires.