Jostens to Sell North American School Photography Business to Lifetouch
Jostens and Lifetouch announced the entry into definitive purchase agreements for the sale of Jostens' United States and Canadian school Photography business to Lifetouch. The transactions are expected to close on or about the end of the second quarter 2006 (June 30), at which time Lifetouch will assume the operations of Jostens' Photography businesses, including a production facility in Winnipeg and field offices throughout the U.S. and Canada.
"The Jostens Photography business represented just 8% of Jostens 2005 net sales. The decision to divest the Photography business will further enable Jostens to focus resources and investments in growing its core Scholastic and Yearbook businesses in the U.S. and Canada," said Mike Bailey, president and CEO, Jostens. "In the near-term, we will work diligently with Lifetouch leadership to ensure a smooth transition for customers and employees."
"For over 70 years, Lifetouch has been committed to the school photography business throughout North America. It is the core of what we do and who we are," said Paul Harmel, chairman and CEO. "The 1,400 employees of Jostens' Photography will join with our current employees to deliver compelling photography and superior services to all our customers."
About Jostens
Minneapolis-based Jostens is a leading provider of school-related affinity
products and services that help people celebrate important moments, recognize
achievements and build affiliation. The Company's products include yearbooks,
scholastic products such as class rings and graduation products and products
for athletic champions and their fans. For more information about Jostens go
to http://www.jostens.com.
About Visant
Jostens is a subsidiary of Visant Corporation, a leading marketing and
publishing services enterprise servicing the school affinity, direct
marketing, fragrance and cosmetics sampling and educational publishing
markets. For more information on Visant go to http://www.visant.net.
About Lifetouch
With U.S. operations headquartered in Minneapolis and Canadian operations
headquartered in Winnipeg, Lifetouch is a leading photographer in schools and
churches, providing portrait services for families in JC Penneys, Target and
FLASH! Studios, and is a leading publisher of yearbooks throughout North
America. For more information on Lifetouch go to http://www.lifetouch.com.
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Posted by: Chris | April 11, 2008 at 02:53 AM