Jostens and Lifetouch announced the entry into definitive purchase agreements for the sale of Jostens' United States and Canadian school Photography business to Lifetouch. The transactions are expected to close on or about the end of the second quarter 2006 (June 30), at which time Lifetouch will assume the operations of Jostens' Photography businesses, including a production facility in Winnipeg and field offices throughout the U.S. and Canada.
"The Jostens Photography business represented just 8% of Jostens 2005 net sales. The decision to divest the Photography business will further enable Jostens to focus resources and investments in growing its core Scholastic and Yearbook businesses in the U.S. and Canada," said Mike Bailey, president and CEO, Jostens. "In the near-term, we will work diligently with Lifetouch leadership to ensure a smooth transition for customers and employees."
"For over 70 years, Lifetouch has been committed to the school photography business throughout North America. It is the core of what we do and who we are," said Paul Harmel, chairman and CEO. "The 1,400 employees of Jostens' Photography will join with our current employees to deliver compelling photography and superior services to all our customers."
Minneapolis-based Jostens is a leading provider of school-related affinity products and services that help people celebrate important moments, recognize achievements and build affiliation. The Company's products include yearbooks, scholastic products such as class rings and graduation products and products for athletic champions and their fans. For more information about Jostens go to http://www.jostens.com.
Jostens is a subsidiary of Visant Corporation, a leading marketing and publishing services enterprise servicing the school affinity, direct marketing, fragrance and cosmetics sampling and educational publishing markets. For more information on Visant go to http://www.visant.net.
With U.S. operations headquartered in Minneapolis and Canadian operations headquartered in Winnipeg, Lifetouch is a leading photographer in schools and churches, providing portrait services for families in JC Penneys, Target and FLASH! Studios, and is a leading publisher of yearbooks throughout North America. For more information on Lifetouch go to http://www.lifetouch.com.