REED ELSEVIER TO CUT 1500 JOBS, DIVEST UNITS AND INVEST IN INTERNET ASSETS.Reed Elsevier Elsevier, the world's largest publisher of medical and scientific literature, forms part of the Reed Elsevier group. Based in Amsterdam, the company has substantial operations in the UK, USA and elsewhere. will invest more than $1.2 billion in Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and related projects through the next three years and will cut about 1500 jobs, mostly located in the U.S. The company said that about 90% of the projected spending will be in Internet-related units in its three core divisions, science, legal and business-to-business. Reed Elsevier said it hopes that company Internet revenues, totaling about $200 million in 1999, will reach $1 billion by the end of 2002. The spending will include investments in such properties as Variety.com and legal and business information service Lexis-Nexis. Reed Elsevier also said it will divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. itself of selected properties, including its Official Airline Guide “OAG” redirects here. For other uses, see OAG (disambiguation). OAG Worldwide Limited, also known as the Official Airline Guide, is a United Kingdom based travel news, data and ranking service. unit, part of the Cahners Travel Group (Secaucus, NJ), and medical publishing unit Springhouse spring·house n. A small storehouse constructed over a spring and used to keep food cool. (Springhouse, PA). Reed Elsevier ceo Crispin Davis said the investment in Internet properties will allow his company's market segments to customize its content offerings for any size client. |
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