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The Associated Press
Miami

Jarden buying parent company of Jostens for about $1.5B

Class rings
A selection of class rings for graduating high school seniors is featured on the Jostens' website.
Courtesy of Jostens

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Jarden is buying the parent company of Jostens, a provider of rings for students and professional athletes, for about $1.5 billion.

Jarden Corp. said Wednesday that having access to Jostens through the acquisition of Visant Holding Corp. adds a niche consumer brand to its portfolio that specializes in customizable products.

Aside from rings, Minneapolis-based Jostens Inc. also produces yearbooks, caps and gowns, diplomas and varsity jackets. The company has about $740 million in annual revenue. Jostens was founded in 1897 and has more than 3,500 employees, according to the company's website.

Jostens will become part of Jarden's outdoor solutions unit.

The deal is expected to add to Jarden's adjusted earnings per share next year.

The transaction is targeted to close in the fourth quarter.