American Greetings to acquire Recycled Paper Greetings

CLEVELAND American Greetings announced it has reached an agreement to acquire Recycled Paper Greetings, a Chicago-based creator 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.

American Greetings plans to continue to use the Recycled Paper Greetings name.

CEO Zev Weiss said, "The acquisition of Recycled Paper Greetings will be an excellent addition to our current product offering. 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."