Cleveland (ots/PRNewswire) - American Greetings Corporation (NYSE:
AM) today announced the acquisition of a European manufacturer of
high quality gift-wrap products. Terms of the transaction were not
announced. The transaction and subsequent consolidation of the
acquired firm into the Social Expression's segment will not have a
material effect on the Corporation's consolidated financial
Zev Weiss, Chief Executive Officer said, "This acquisition is
precisely the type of transaction we have targeted as part of our
strategy to expand our presence in product categories where we have a
right to succeed. We are already a formidable presence in greeting
cards in the UK, and now, we hope to enhance our selling proposition
by offering high quality gift-wrap."
John Charlton, a senior vice president of the Company and the head
of the international business unit said, "The prospect of coupling
our retail distribution capabilities with a premier gift-wrap product
line should help us profitably grow our European business."
About American Greetings Corporation
American Greetings Corporation (NYSE: AM) is one of the world's
largest manufacturers of social expression products. Along with
greeting cards, its product lines include gift-wrap, party goods,
candles, stationery, calendars, educational products, ornaments and
electronic greetings. Located in Cleveland, Ohio, American Greetings
generates annual net sales of approximately US$2 billion. For more
information on the Corporation, visit
The statements contained in this release that are not historical
facts, including statements regarding the continued excellence of the
Corporation's financial operation, are forward looking statements.
Forward-looking statements are generally identified by words such as
"believes," "anticipates," "expects," "plans," "should," "estimates"
and similar expressions. These forward-looking statements involve
risks and uncertainties. Factors that could cause actual results to
differ materially from those stated or implied in our forward-looking
statements, include but are not limited to: retail bankruptcies and
consolidations, successful integration of acquisitions, successful
transition of management, a weak retail environment, consumer
acceptance of products as priced and marketed, the impact of
technology on core product sales, competitive terms of sale offered
to customers, successfully implementing supply chain improvements and
achieving projected cost savings from those improvements, and the
Corporation's ability to comply with its debt covenants. Risks
pertaining specifically to the Corporation's interactive business
segment include the viability of online advertising and subscriptions
as revenue generators and the public's acceptance of online greetings
and other social expression products.
In addition, this release contains time-sensitive information that
reflects management's best analysis as of the date of this release.
American Greetings does not undertake any obligation to publicly
update or revise any forward-looking statements to reflect future
events, information or circumstances that arise after the date of
this release. Further information concerning issues that could
materially affect financial performance related to forward-looking
statements can be found in the Corporation's periodic filings with
the Securities and Exchange Commission.
Web site: http://corporate.americangreetings.com
ots Originaltext: American Greetings Corporation
Im Internet recherchierbar: http://www.newsaktuell.ch
Stephen J. Smith, VP, Treasurer and Investor Relations of American
Greetings Corporation, +1-216-252-4864, or