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AMERICAN GREETINGS COMPLETES THE ACQUISITION OF MAGNIVISION, THE LEADING MANUFACTURER OF READING GLASSES IN THE U.S. AND 15 OTHER COUNTRIES

 CLEVELAND, June 14 /PRNewswire/ -- American Greetings (NASDAQ: AGREA) today completed its previously announced agreement to acquire Magnivision.
 The Florida-based Magnivision is the leading manufacturer and distributor of non-prescription reading glasses in the United States and 15 other countries.
 Magnivision sells over-the-counter reading glasses and accessories primarily through drug chains and mass merchandise retailers, distribution channels in which American Greetings has a strong presence.
 In a stock swap transaction, Magnivision, a private company founded in 1977 by Morton Nyman, becomes a wholly-owned subsidiary of American Greetings and part of the corporation's Consumer Products Division. Terms of the transaction were not disclosed.
 "Magnivision is an excellent addition to our family," said Morry Weiss, chairman and chief executive officer of American Greetings. "This acquisition fits into our strategy of supplementing the company's growth by manufacturing and distributing high-quality consumer products through mass retail outlets."
 Magnivision will operate from its 75,000-square-foot facility in Pembroke Pines, Fla., just north of Miami. It also has additional offices in the United States, as well as operations in Europe and the Orient.
 "We are extremely pleased to join American Greetings," said Morton Nyman, president of Magnivision. "We have a 16-year record of success and we look forward to future growth."
 American Greetings, headquartered in Cleveland, is the world's largest publicly held manufacturer and distributor of greeting cards and related social expression products.
 -0- 6/14/93
 /CONTACT: John D. Barker, Corporate Communications, American Greetings, 216-252-4864/
 (AGREA)


CO: American Greetings; Magnivision ST: Ohio, Florida IN: HOU SU: TNM

KL -- CL017 -- 1778 06/14/93 16:11 EDT
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Publication:PR Newswire
Date:Jun 14, 1993
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