International Greetings make European acquisition

International Greetings, designers, innovators and manufacturers of gift packaging, greetings, stationery and creative play products, has signed a contract to acquire the trade and certain of the assets of Enper Giftwrap for approximately €1.9m with the majority of the purchase price representing usable fixed assets and stock.

The deal is being done through its business in Europe ('IG Europe'). Enper is a gift-wrap manufacturer in the Netherlands servicing Northern European with sales of €5m and this acquisition will allow IG Europe to widen its customer base and further strengthen its market position in a core product category.

Completion is expected to take place at the end of this month and IG Europe then plans over the ensuing three months to discontinue manufacturing operations at Enper's site and integrate the customer base into its own state-of-the-art facilities at Hoogeveen.

This will involve some relocation of fixed assets but the company says that the printing capacity for the 2015 season can be accommodated more cost effectively within IG Europe's existing capability, following investment in 2012 in new high definition printing equipment.

It has forecast that cash payback on the investment should be between three and four years, with synergies on the combined customer base arising mainly from 2015 onwards due to the seasonal nature of the business.

Group CEO. Paul Fineman, said: "This acquisition is a compelling and carefully considered 'bolt on' opportunity for International Greetings in Europe, increasing our scale close to home in a financially attractive manner and in a market that we consider to be core to what we do."

At 10:41am: (LON:IGR) International Greetings PLC share price was +1p at 77p

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