Cast Art, Papel Ink Agreement
Staff -- Gifts & Decorative Accessories, 12/1/2000
Corona, CA -Cast Art Industries LLC announced a definitive merger agreement with Papel Giftware of Monroe Township, NJ, which will create one of the largest collectibles and giftware companies in the North American market. Under the terms of the merger agreement, Papel's stockholders will retain an interest in the newly combined companies. Scott Sherman, founder and chairman of Cast Art, who will serve as chairman of the board and will be the largest shareholder in new company, said, in a statement, "With this combination, we are reinforcing our position as an innovative leading company in the giftware and collectibles industries." Kenneth LeFevre, formerly president of Goebel North America, has been named president and CEO of the new company, and L. Richard Kugelman has been named executive vice president. Joel Kier, chairman of the board of Papel Giftware, will serve as vice chairman of the combined companies. Completion of the transaction is subject to customary closing conditions, including stockholder approval.
