CLEVELAND - A big change is coming to greeting cards giant American Greetings.
The company, which is headquartered in Northeast Ohio, announced Clayton, Dubilier & Rice, CD&R will acquire 60 percent ownership of the company, leaving 40 percent of the business to its original owners, the Weiss family.
CD&R is a private investment firm that has managed $25 billion worth of investment in 78 companies.
The company has been an anchor in the community for decades. Started by Jacob Sapirstein, a Polish immigrant who came to Cleveland 1900s, turned a small gig into a billion-dollar company. The company provides products to more than 60,000 retail stores and has more than 2,500 copyrights.
American Greetings' current President and Chief Operating Officer, John Beeder, will become Chief Executive Officer.
In the Cleveland-area alone, 1700 associates are employed with another 5,000 full-time and 13,000 part-time associates employed throughout the company.
The terms of the transaction were not disclosed, according to the news release.
Patrice Molnar, an American Greetings spokesperson said "The company will stay in Northeast Ohio. Westlake is home."