8th Oct 2007 07:00
International Greetings PLC08 October 2007 INTERNATIONAL GREETINGS PLC ("International Greetings" or "the Group") International Greetings establishes foothold in Australian market International Greetings (AIM: IGR), the leading designer and manufacturer ofgreetings products and film and television based licensed stationery, isdelighted to announce the acquisition of 50% of the issued share capital ofArtwrap Pty, a designer and distributor of gift wrap and greetings products inAustralia with annual revenues of approximately A$23 million (£10 million). An initial consideration of A$3.75 million (£1.63 million) is payable in cash,with an additional deferred consideration of up to A$1.45m (£0.63m) also payablein cash, dependent upon the level of profitability for the 12 months to 30 June2008. The Managing Director and owner of the remaining 50% of the issued share capitalwill continue to run the business. International Greetings will derive maximumvalue from the investment by exploiting the synergy benefits available throughjoint sourcing, utilising existing production capacity and shared designresources. Nick Fisher, Joint Chief Executive of International Greetings, commented, "I amdelighted that we have purchased this strategic stake. The Artwrap business metall our acquisition criteria and reflects our on-going international expansionprogramme. This deal offers International Greetings significant benefitsintroducing us to a new market place via an established partner, and allows usto utilise our existing resources to take Artwrap to its next stage ofdevelopment." For further information: Nick Fisher, Joint Chief ExecutiveInternational Greetings plc +44 (0)1707 630630 Jeremy Carey/Rachel DrysdaleTavistock Communications +44 (0)20 7920 3150 Graeme CullArden Partners plc +44 (0)121 423 8960 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Design Group