Multiple lines in a single column to be merged as a single line for a record

Hi,
I have a requirement with,

No~Dt~Notes
1~2011/08/1~"aaa
bbb
ccc
ddd
eee
fff
ggg
hhh"

Single column alone got splitted into multiple lines.

I require the output as

No~Dt~Notes
1~2011/08/1~"aaa<>bbb<>ccc<>ddd<>eee<>fff<>ggg<>hhh"
mean to say those new lines to be joined and replaced with angular brackets.
Your help is highly needed at this point. Thanks a lot in advance.

One way would be..

awk 'NR>1{s=s$0"<>";next}END{sub(/..$/,"",s);print s}1' inputfile