American Greetings Announces Acquisition of Watermark PublishingBy American Greetings Corporation, PRNE
Thursday, March 3, 2011
CLEVELAND, March 4, 2011 - American Greetings Corporation (NYSE: AM) today announced that its
European subsidiary, UK Greetings Ltd., has acquired Watermark Publishing
Limited (Watermark), a privately held company located in Corby, England.
Terms of the transaction were not disclosed.
Watermark is a leader in the United Kingdom in the innovation and design
of greeting cards. Established in 1990, Watermark has grown to approximately
$40 million of annual revenue and employs about 250 associates.
Gary Rowley, chief executive officer of UK Greetings Ltd. said, "We are
delighted to announce the acquisition of Watermark Publishing Limited and
welcome them into the UK Greetings family. For many years we have watched and
admired the creativity of Watermark. Their product has a unique style and
tone that resonates with the consumer. Moreover, we believe that their
greeting cards complement our current product offering and support our
broader product leadership strategy."
About American Greetings Corporation
For more than 100 years, American Greetings Corporation (NYSE: AM) has
been a creator and manufacturer of innovative social expression products that
assist consumers in enhancing their relationships. The Company's major
greeting card lines are American Greetings, Carlton Cards, Gibson, Recycled
Paper Greetings and Papyrus, and other paper product offerings include
DesignWare party goods and American Greetings and Plus Mark gift-wrap and
boxed cards. American Greetings also has one of the largest collections of
electronic greetings on the Web, including cards available at
AmericanGreetings.com through AG Interactive, Inc. (the Company's online
division). In addition to its product lines, American Greetings also creates
and licenses popular character brands through the American Greetings
Properties group. Headquartered in Cleveland, Ohio, American Greetings
generates annual revenue of approximately $1.6 billion, and its products can
be found in retail outlets worldwide. For more information on the Company,
Factors That May Affect Future Results
Certain statements in this release may constitute forward-looking
statements within the meaning of the Federal securities laws. These
statements can be identified by the fact that they do not relate strictly to
historic or current facts. They use such words as, "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," and other words and terms
of similar meaning in connection with any discussion of future operating or
financial performance. These forward-looking statements are based on
currently available information, but are subject to a variety of
uncertainties, unknown risks and other factors concerning the Company's
operations and business environment, which are difficult to predict and may
be beyond the control of the Company. Important factors that could cause
actual results to differ materially from those suggested by these
forward-looking statements, and that could adversely affect the Company's
future financial performance, include, but are not limited to, risks and
uncertainties specific to the acquisition of Watermark Publishing, such as
unexpected costs or liabilities that may arise from the acquisition of
Watermark; the ability of Watermark to retain key personnel; and the impact
of the results of operations of Watermark on the Company's ability to achieve
the strategic and financial objectives related to the transaction.
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 Company's periodic filings
with the Securities and Exchange Commission, including the "Risk Factors"
section of the Company's Annual Report on Form 10-K.
Gregory M. Steinberg, Treasurer and Executive Director of Investor Relations, American Greetings Corporation, +1-216-252-4864, investor.relations at amgreetings.com
Tags: American Greetings Corporation, Cleveland, March 4, Ohio