IG, which designs and manufactures TV-based licensed stationery, said it would derive value from the deal through joint sourcing, using spare production capacity and shared design resources.
Nick Fisher, joint chief executive of Hatfield-based IG, said: “I am delighted that we have purchased this strategic stake. The Artwrap business met all our acquisition criteria and reflects our on-going international expansion programme.”
IG will make a further deferred payment of £630,000 for its share in the £10m-turnover Artwrap, dependent on profitability for the 12 months to 30 June 2008.
International Greetings expands to Oz
International Greetings (IG) has gained a foothold in the Australian market with the purchase of a 50% stake in Artwrap Pty for an initial payment of 1.63m (A$3.75m).
