HOUGHTON MIFFLIN COMPANY ANNOUNCES PURCHASE OF ASSESSMENT DIVISION OF DLM, INC.
HOUGHTON MIFFLIN COMPANY ANNOUNCES PURCHASE OF ASSESSMENT DIVISION OF DLM, INC. BOSTON, Sept. 18 /PRNewswire/ -- Houghton Mifflin Company (NYSE: HTN) announced today that it has reached an agreement to purchase the assets of the Assessment Division of DLM, Inc. of Allen, Texas. Terms were not disclosed, other than that Houghton Mifflin will finance the cost of purchase out of operating cash flow. Through this purchase, Houghton Mifflin acquires the publishing rights and the inventory of DLM's entire line of assessment instruments and related products. Best known among these is the widely used and highly respected Woodcock-Johnson Psycho-Educational Battery, authored by Dr. Richard W. Woodcock. The Riverside Publishing Company, a subsidiary of Houghton Mifflin which specializes in test publishing, will utilize the expertise and resources that have made it one of the nation's largest test publishers to publish and market these newly acquired tests. Nader F. Darehshori, chairman, president and chief executive officer of Houghton Mifflin said, "The acquisition of this outstanding list of clinical/special needs assessments from DLM fulfills our long-term strategy to increase our presence in the clinical/special needs testing field. Becoming a major force in the clinical/special needs segment has been an integral part of our planning and now will become an important part of our company's future growth. "As publishers of such well-known assessment instruments as the Iowa Test of Basic Skills, the Stanford-Binet Intelligence Scale and others, we are very familiar with both group-administered and clinical/special needs tests, but the larger part of our business was in the group- administered category. With the acquisition of these new tests, we become a major player in the category of clinical/special needs testing as well and can benefit from the synergy that an outstanding, full line of assessment instruments will produce in a market with a very strong potential for growth." Houghton Mifflin is a leading publisher of textbooks, software, assessments, and other educational materials for the elementary and secondary school and college markets, as well as an extensive line of reference publications, business software, and fiction and nonfiction for adult and young readers. -0- 9/18/92 /CONTACT: Stephen O. Jaeger, executive VP and chief financial officer of Houghton Mifflin, 617-725-5017/ (HTN) CO: Houghton Mifflin Company ST: Massachusetts IN: PUB SU:
CH -- NE002 -- 1003 09/18/92 09:31 EDT
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|Date:||Sep 18, 1992|
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