CSS Industries Inc. Reaches Agreement to Sell Rapidforms Inc. to New England Business Service Inc

Business Wire, Dec 5, 1997

PHILADELPHIA--(BUSINESS WIRE)--Dec. 5, 1997--CSS Industries Inc. (NYSE:CSS) announced Friday that it has signed a definitive agreement to sell its Direct Mail Business Products Group, composed of Rapidforms Inc., and its subsidiaries, to New England Business Service Inc. (NYSE:NEB).

The net proceeds to be received by CSS for its approximately 90% ownership will be about $72 million in cash, subject to post-closing adjustments. Consummation of the transaction is anticipated during December 1997 and is subject to obtaining specified regulatory approvals, consents of third parties and to certain other customary closing conditions.

Rapidforms designs and sells business forms, business supplies, in-store retail merchandising products, holiday greetings cards and advertising specialties to small and medium size businesses primarily through the direct mailing of catalogs and brochures.

CSS is a diversified company, which in addition to the Rapidforms business, is primarily engaged in the manufacture and sale to mass market retailers of seasonal giftwrap, gift bags, boxed greeting cards, gift tags, tissue paper, paper and vinyl decorations, calendars, classroom exchange Valentines, decorative ribbons and bows, Halloween masks, costumes, make-up and novelties and Easter egg dyes and novelties through its Consumer Products Group.

The Consumer Products Group is comprised of The Paper Magic Group Inc., Berwick Industries Inc., and Cleo Inc.

CONTACT: CSS Industries Inc.

Jack Farber, chairman and president, 215/569-9900