American Greetings Announces Acquisition Plans
American Greetings Corporation reaches an agreement to acquire Recycled Paper Greetings Inc., a Chicago-based preeminent creator and designer of humorous greeting cards with annual net sales of approximately $80 million. Recycled Paper's humor cards are distributed primarily through mass retail partners, drug stores and specialty retail stores.
The transaction is subject to various closing conditions, including a Chapter 11 reorganization process being successfully completed for Recycled Paper and other closing conditions.
"The acquisition of Recycled Paper Greetings will be an excellent addition to our current product offering," says American Greetings' Chief Executive Officer Zev Weiss. "This transaction will give American Greetings an enlarged product design capability and a compelling product offering that is expected to delight consumers and enhance productivity for our retail partners."
The acquisition of Recycled Paper is expected to enhance American Greetings' humor and alternative greeting card offerings. American Greetings plans to continue to use the Recycled Paper Greetings name.
The transaction is subject to various closing conditions, including a Chapter 11 reorganization process being successfully completed for Recycled Paper and other closing conditions.
"The acquisition of Recycled Paper Greetings will be an excellent addition to our current product offering," says American Greetings' Chief Executive Officer Zev Weiss. "This transaction will give American Greetings an enlarged product design capability and a compelling product offering that is expected to delight consumers and enhance productivity for our retail partners."
The acquisition of Recycled Paper is expected to enhance American Greetings' humor and alternative greeting card offerings. American Greetings plans to continue to use the Recycled Paper Greetings name.