Intnl Greetings PLC - Acquisition

RNS Number:9415K
International Greetings PLC
22 May 2000


   International Greetings acquires major U.S. competitor

International   Greetings,  the  greetings  and   stationery
products  group,  today announces that it has  acquired  the
assets   and  business  of  The  Stephen  Lawrence   Company
("Stephen  Lawrence"),  a principal  competitor  of  its  US
division  in  the  premium quality giftwrap and  accessories
market.

A  long established, family-run business and one-time market
leader,  Stephen  Lawrence  was  acquired  by  International
Greetings   for  a  cash  consideration  of  $2.45   million
(approximately #1.64 million).

For  the  year  ended  31  December 1999,  Stephen  Lawrence
achieved an unaudited turnover of $13 million and a  pre-tax
loss  of $0.92 million. International Greetings has acquired
the  trade and assets of the company with an estimated  book
value  of $5.3 million. In addition, International Greetings
has also acquired the associated goodwill and order book.

Stephen Lawrence will continue to trade under its own  name,
but  will  be  integrated into International  Greetings'  US
operation, The Giftwrap Company, based in Midway, Georgia.

Nick   Fisher,   Joint  Chief  Executive  of   International
Greetings, said: "We are delighted to have acquired  Stephen
Lawrence.  This acquisition firmly establishes our  position
as  the  leading premium giftwrap company in the US  market.
Stephen Lawrence has been the market leader for much of  its
40-year history and with the strength of its brand worldwide
and  the quality of its designs, it will be of great benefit
to  our group.  We also expect significant benefits from the
absorption  of  Stephen  Lawrence's  operations   into   our
existing facilities in Georgia."

For further information, please contact:

International Greetings                   01707 630630
Nick Fisher, Joint Chief Executive

Grandfield                                020 7417 4170
Clare Abbot

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