American Greetings to Sell Party Goods Business, Production Operations to Amscan

CLEVELAND—Dec 22, 2009—American Greetings Corp. (NYSE: AM) today announced a strategic alliance with Amscan, Inc. (Amscan), a leading designer, manufacturer and distributor of party goods based in Elmsford, NY.

As part of this transaction, American Greetings will sell to Amscan inventory, equipment and processes used in the manufacture and distribution of party goods. American Greetings will now source its party goods from Amscan, and will continue to distribute party goods to various channels, including to its mass, drug, grocery and specialty retail partners. Amscan will have exclusive rights to manufacture and distribute products into various channels, including the party store channel. As a result of the strategic alliance, American Greetings will be able to offer a broader assortment of licensed and non-licensed party goods products to its retail partners.