The American Greetings Corporation announced Tuesday an agreement to part ways with a 60 percent ownership stake to Clayton, Dubilier & Rice.

The company, which is headquartered in Westlake, designs, manufactures, and distributes greeting cards. It also specializes in gift packaging, stationary, and party goods.

The Weiss Family founded the company in 1906. They will retain a 40 percent stake in the business.

“We are very pleased to partner with the Weiss Family and American Greetings’ talented management team and to be aligned around a set of identified actions to strengthen the company’s competitive positioning and prospects for sustainable, long-term growth and profitability,” said CD&R Partner Ken Giuriceo.

John Beeder, current President and Chief Operating Officer, will become Chief Executive Officer after the sale becomes final. Zev Weiss and Jeffrey Weiss, current co-CEOs and Morry Weiss, current Chairman, will participate on the board of directors, according to a company-issued press release.

Monetary terms of the transaction were not disclosed.

The company employs more than 1700 people from Northeast Ohio.

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