Business
Acquisition
Acquisition.
About this update from Ig Design Group Plc
[{"type":"text","content":"\n International Greetings PLC\n08 October 2007\n\n INTERNATIONAL GREETINGS PLC\n ('International Greetings' or 'the Group')\n\n International Greetings establishes foothold in Australian market\n\nInternational Greetings (AIM: IGR), the leading designer and manufacturer of\ngreetings products and film and television based licensed stationery, is\ndelighted to announce the acquisition of 50% of the issued share capital of\nArtwrap Pty, a designer and distributor of gift wrap and greetings products in\nAustralia with annual revenues of approximately A$23 million (£10 million).\n\nAn initial consideration of A$3.75 million (£1.63 million) is payable in cash,\nwith an additional deferred consideration of up to A$1.45m (£0.63m) also payable\nin cash, dependent upon the level of profitability for the 12 months to 30 June\n2008.\n\nThe Managing Director and owner of the remaining 50% of the issued share capital\nwill continue to run the business. International Greetings will derive maximum\nvalue from the investment by exploiting the synergy benefits available through\njoint sourcing, utilising existing production capacity and shared design\nresources.\n\nNick Fisher, Joint Chief Executive of International Greetings, commented, 'I am\ndelighted that we have purchased this strategic stake. The Artwrap business met\nall our acquisition criteria and reflects our on-going international expansion\nprogramme. This deal offers International Greetings significant benefits\nintroducing us to a new market place via an established partner, and allows us\nto utilise our existing resources to take Artwrap to its next stage of\ndevelopment.'\n\nFor further information:\n\nNick Fisher, Joint Chief Executive\nInternational Greetings plc +44 (0)1707 630630\n\nJeremy Carey/Rachel Drysdale\nTavistock Communications +44 (0)20 7920 3150\n\nGraeme Cull\nArden Partners plc +44 (0)121 423 8960\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]