Vistaprint Ltd., Plaza Create Agree To Joint Venture In Japan

(RTTNews) - Vistaprint N.V. (VPRT) and Plaza Create Co., Ltd., a leading Japanese retailer of photo products, announced the companies have entered into a definitive agreement to form a joint venture in Japan.

Both companies believe the venture should strengthen their ability to serve Japanese customers through the combination of Vistaprint's technology, manufacturing expertise and e-commerce experience with Plaza Create's reputation for customer service and quality products, its knowledge of the Japanese market and its network of more than 600 retail outlets throughout the country.

Each company will contribute its Japanese online business to the joint venture, and products will also be available on computer kiosks within Plaza Create's Palette Plaza and 55 Station stores throughout Japan. Upon the closing of the transaction, Robert Keane, president and chief executive officer of Vistaprint, will serve as the joint venture's chairman and a representative director, and Yasuhiro Oshima, president of Plaza Create, will serve as the joint venture's president and a representative director.

Also, subject to satisfaction of customary closing conditions, Vistaprint and Plaza Create will each invest approximately $5 million USD to form the new joint venture.