News Home
Quick Bites
News Archive
News Channel
Special Features
On AirNewsClassical
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Hennes Paynter Communications

Northeast Ohio Medical University

Wayside Furniture

For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )

Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business

American Greetings is back in Weiss family's private hands
But Brooklyn is still planning for the headquarters shift to Westlake

Web Editor
M.L. Schultze
Download (WKSU Only)
In The Region:

American Greetings is expected to be back in the hands of its founder’s family by Friday. WKSU’s M.L. Schultze has more on a sale approved this morning by shareholders of  America’s second-largest greeting card maker.

LISTEN: American Greetings sale and what's next for Brooklyn

Other options:
Windows Media / MP3 Download (1:22)

Shareholders overwhelmingly agreed to take $19 per share from the Weiss family, which started American Greetings in 1906. Financing to return the company to private hands is coming from loans, a line of credit, the Weiss family and from an affiliate of Koch Industries. In all, the sale comes to $612 million.

Since the family makes up many of American Greetings shareholders, the sale has been largely expected since the board  OK’d the plan in April.

American Greetings has been planning to move its headquarters from one Cleveland suburb – Brooklyn – to another – Westlake, with the help of more than $90 million from in tax and other incentives. That was put on hold last fall amidst talk of the sale.

But Brooklyn Mayor Richard Balbier says Brooklyn isn’t counting on a longer-term  reprieve.

“We started a rainy day fund, we have almost $2 million in that for when the day comes and they actually move. …  We have new industry coming into the city now, in fact a new company’s …supposed to open in a couple weeks. Martin’s Ambulance Service, they have 400 employees and $8 million payroll so we keep chipping away at what we’re going to lose. So hopefully it won’t be too big of an impact on us.”

American Greetings has annual revenue of nearly $1.9 billion. To qualify for the incentives, including state tax credits and low-interest loans, it promised to keep  the equivalent of 1,750 full-time jobs at its headquarters.

The Plain Dealer reported in May that the company had cut 1,500 full-time and 600 part-time jobs worldwide last year.


Add Your Comment


E-mail: (not published, only used to contact you about your comment)


Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook

Stories with Recent Comments

Kasich campaign evokes dark images of a Trump presidency

Backers of legalizing marijuana in Ohio promise to be back in 2016
We should be aloud to grow more than 4 plants and not have to register with the state considering it will be a free market.

Akron says it's had no second thoughts about welcoming refugees
What business does Councilman Neal own on North Hill? I'd love to support him. I am so glad to have the refugees in our neighborhood. I have lived here for 25 ...

Scarborough says the University of Akron is trying to rebuild relationships
In order for the University of Akron to grow and become a desirable place for students across Ohio and elsewhere, it must address the crime problem in the Akron...

Ohio Sen. Cliff Hite wants to end pay-to-play sports fees at Ohio's schools
You can bet Hite and Husted will also rush to the rescue of the Academic Challenge team, the speech-and-debate squad, the Science Olympians and the chess club. ...

Ohio lawmakers consider new gun bills
States that have gun restrictions/cities have reduced gun violence is false. CHICAGO has some of the toughest gun laaws/restrictions but yet fun violence is off...

Cleveland's public transit system considers fare increase for 2016
I work with individuals with disabilities. Yes some of my folks need more help than the average person. As a whole, the group I work with however can manuver ju...

Community group sues to re-open part of Wadsworth hospital
My father was part of the founding group of citizens which started the "new" Wadsworth/Rittman Hospital. For some reason the leadership for the future of the ho...

The Cleveland Museum of Art presents painters who loved their gardens
brilliant masterpiece, Greetings from

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University