CSS Industries, Inc. Announces Successful Outcome of Trade Remedy Cases

CSS Industries, Inc. (NYSE: CSS) today announced the successful outcome of its trade remedy cases on plastic decorative ribbon from China. In a unanimous 5-0 vote, the U.S. International Trade Commission (“ITC”) found that U.S. producers of plastic decorative ribbon have been materially injured by unfairly traded imports of plastic decorative ribbon from China. As a result, trade remedies, in the form of antidumping (“AD”) and countervailing (“CV”) duties, will be imposed on imports of plastic decorative ribbon from China at combined AD and CV duty rates ranging from 70.36% to 386.19%.

These trade remedies are being implemented following investigations conducted by the ITC and the U.S. Department of Commerce (“Commerce Department”) in response to petitions filed by CSS’ Berwick Offray LLC business in December 2017. Earlier in these investigations, the Commerce Department determined that Chinese producers and exporters were dumping plastic decorative ribbon into the United States at margins as high as 370.04%, and that Chinese producers were being unfairly subsidized at rates as high as 94.67%. Now that the ITC has made affirmative final determinations in these cases, AD and CV duty orders will be issued, imposing these duties.

“We are excited by the outcome of these trade remedy cases,” said Christopher J. Munyan, President and Chief Executive Officer of CSS. “We believe that vigorous enforcement of U.S. trade laws is essential to enabling U.S. companies like ours to compete on a level playing field when confronted with competition from dumped and unfairly subsidized imports from China. We are proud of our U.S. workforce and our Pennsylvania manufacturing facilities, which for decades have produced and reliably delivered to our customers high quality, on-trend and innovative plastic decorative ribbon products.”

About CSS Industries, Inc.

CSS is a creative consumer products company, focused on the craft, gift and seasonal categories. For these design-driven categories, we engage in the creative development, manufacture, procurement, distribution and sale of our products with an omni-channel approach focused primarily on mass market retailers. Our core products within the craft category include sewing patterns, ribbons, trims, buttons, and kids crafts. For the gift category, our core products are designed to celebrate certain life events or special occasions, with a focus on packaging items, such as ribbons, bows, bags and wrap, as well as stationery, baby gift items, and party and entertaining products. For the seasonal category, we focus on holiday gift packaging items including ribbons, bows, bags, tags and gift card holders, in addition to specific holiday-themed decorations and activities, including Easter egg dyes and Valentine’s Day classroom exchange cards. In keeping with our corporate mission, all of our products are designed to help make life memorable.