April 1, 2013
Koch AG Investment, LLC, a subsidiary of Koch Industries, Inc., has made a preferred equity investment in American Greetings Corporation, committing $240 million in equity capital to support the Weiss family purchase of the company. The transaction was announced in a news release earlier today by American Greetings Corporation.
According to Steve Feilmeier, chief financial officer for Koch Industries, Inc., "We are long-term, patient investors that run an entrepreneurial private company. We view these types of transactions as mutually beneficial opportunities, and we're pleased to help facilitate them. We wish the Weiss family the best in this endeavor. They are excellent managers and innovators."
Subsidiaries of Koch Industries make substantial investments in companies that are typically not majority owned and operate independently of Koch. In December, the company made a substantial investment in Guardian Industries Corporation. "This investment in American Greetings Corporation is another example of our willingness to provide capital solutions to a variety of businesses that create real value in society," Feilmeier said.
About Koch Industries, Inc.
Based in Wichita, Kan., Koch Industries, Inc. is one of the largest private companies in America with annual revenues of about $115 billion. It owns a diverse group of companies involved in refining, chemicals and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; commodity trading and services; minerals; ranching; and investments. In 2012, Koch companies employed nearly 50,000 people in the United States and paid compensation and benefits totaling more than $4 billion. From January 2009 to present, Koch companies earned more than 570 awards for safety, environmental excellence, community stewardship, innovation, and customer service.