How to convert email in HTML to text (and correctly wraps reply emails)?

Question

I wonder if there a utility which can convert email in HTML to text. The utilities like html2text are fine but they do not handle well wrapping of reply emails (i.e., emails with "> ").

For example, the line like this:

> Email address internationalization provides for a much larger range of
characters than many current validation algorithms allow, such as all Unicode

Should be wrapped like this:

> Email address internationalization 
> provides for a much larger range of
> characters than many current validation 
> algorithms allow,