American Greetings Adds Gift Wrap to Its Product Offerings

The American Greetings Corporation recently announced that it has acquired a european based manufacturer of high quality gift-wrap products. Located in Cleveland Ohio, American Greetings is one of the largest manufacturers of gift ideas and supplies including greeting cards, party goods, candles, stationery, calendars, educational products, ornaments and online electronic greeting cards. Details and terms of the transaction have not been announced.

The acquisition will be merged with the American Greetings current line of social expressions products. Chief Executive Officer, Zev Weiss, stated, "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, and now, we hope to enhance our selling proposition by offering high quality gift-wrap." Senior vice president and head of the international business unit, John Charlton, added that, "The prospect of coupling our retail distribution capabilities with a premier gift-wrap product line should help us profitably grow our european business."