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HOUGHTON MIFFLIN COMPANY ANNOUNCES ACQUISITION OF MCDOUGAL, LITTELL & COMPANY

 BOSTON, Jan. 7 /PRNewswire/ -- Houghton Mifflin Company (NYSE: HTN) announced today that it will acquire McDougal, Littell & Company of Evanston, Ill., for $138 million in cash and will combine the two companies' resources to become the third largest school textbook publisher in the country.
 Houghton Mifflin will names Alfred L. McDougal, chairman and chief executive officer of McDougal, Littell, as a member of the board of directors of Houghton Mifflin Company. It will create a separate Secondary School Division, McDougal, Littell/Houghton Mifflin, which will be based in the Chicago area with Julie McGee, formerly president of McDougal, Littell, as president of McDougal, Littell/Houghton Mifflin and vice president of Houghton Mifflin Company, reporting to William J. Wisneski, executive vice president, School Publishing. This division will have its own sales force, editorial group and marketing group, made up largely of the people who worked in these positions for McDougal, Littell. Houghton Mifflin's School Division will retain its sales organization and editorial and marketing groups and will specialize in elementary school publishing. It will remain in Boston. Some reorganization of editorial staff will be necessary between McDougal, Littell/Houghton Mifflin and Houghton Mifflin School to achieve their specializations into Secondary School and Elementary School Divisions. Other McDougal, Littell functions will be integrated into existing Houghton Mifflin operations, allowing for consolidation and cost reductions from efficiencies of scale.
 Nader F. Dareshori, chairman, president and chief executive officer of Houghton Mifflin, said, "It has long been Houghton Mifflin's strategic goal to increase its presence in the profitable secondary school publishing area. We knew building this capability from within was one option, as was seeking the right company with which to accomplish this objective. We also knew that achieving a position of secondary publishing superiority and market presence in a short space of time could only be done by looking outside the company. The problem was, there are very few companies that would fit well with us, and only one that fits best -- McDougal, Littell. When we knew we might have the opportunity to join forces with McDougal, Littell, a company that truly paralleled us in its commitment to ideas, to quality and to customer service, we knew we had to act. We welcome Fred McDougal as a new member of out board of directors and look forward to seeing the company he co-founded in 1969 become the core of a new Secondary School Division that will bear his name.
 "The important part of this merger is not that it makes us bigger, but rather how it makes us better. The strengths of McDougal, Littell fit perfectly with the strengths of Houghton Mifflin; putting the two together will provide not only balanced coverage of more content areas, but also specialized service to elementary schools and to secondary schools by two separate, dedicated divisions."
 Alfred L. McDougal said, "For nearly 25 years McDougal, Littell has been helping teachers excite and inspire students through innovative learning materials. We are proud to join hands with a company similarly dedicated to excellence in educational publishing, and we believe the addition of Houghton Mifflin's resources to our own will enable us to continue in the best tradition of both companies for many years to come."
 Houghton Mifflin is a leading publisher of textbooks, instructional technology, assessments, and other educational materials for the elementary and secondary school and college markets, as well as an extensive line of reference publications, and fiction and nonfiction for adult and young readers.
 -0- 1/7/94
 /CONTACT: Stephen O. Jaeger, executive vice president and chief financial officer of Houghton Mifflin, 617-351-5017/
 (HTN)


CO: Houghton Mifflin Company; McDougal, Littell & Company ST: Massachusetts, Illinois IN: PUB SU: TNM

DJ -- NE002 -- 0026 01/07/94 08:14 EST
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Publication:PR Newswire
Date:Jan 7, 1994
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