After graduating from Crane Technical High School, he spent two years saving enough money to attend the University of Illinois, Class of 1912, where he was a member of Chi Phi fraternity.
[1] After graduating with a degree in mechanical engineering, Krannert was hired in 1914 by Sefton Manufacturing Company, a Chicago-based firm that made paper boxes.
During World War II, the United States government began buying large quantities of Inland's moisture-resistant "V-Board" boxes.
Commenting on this gift to the University, Mr. Krannert said: "We feel that it is a privilege to contribute to my Alma Mater to enlarge and to improve the cultural facilities for future students.
He was referred to Emanuel Weiler for advice regarding his Indianapolis-based firm, Inland Container Corp., and later Krannert approved a management development program for his executives to be taught by Purdue faculty.
The Krannert Memorial Library, located on the University of Indianapolis campus, opened in 1977 and completely renovated in 2015 to create a 21st-century active learning environment with collaborative space for research, scholarship and engagement.