Wednesday, November 28, 2007

PhotoWorks Acquired By American Greetings

Seattle's PhotoWorks, a provider of photo processing, photo books, photo cards, online photo sharing services, and other photo gifts and items, has been acquired by American Greetings, American Greetings said late Wednesday. American Greetings said it will acquire PhotoWorks for approximately $26.5M in cash. The firm said that the transaction is expected to have a minimal impact to American Greetings' fiscal 2008 earnings. The deal is expected to close in late January 2008. American Greetings is one of the largest manufacturers of greeting cards and related products. PhotoWorks was formerly known as Seattle Film Works.