Strategic Restructuring
February 27 2001 - 9:43AM
UK Regulatory
RNS Number:5944Z
Thomson Corporation
27 February 2001
( BW)(THOMSON-CORPORATION)(TOC.TO) The Thomson Corporation To Sell
Non-Core Businesses Within Thomson Financial
Business Editors
TORONTO--(BUSINESS WIRE)--Feb. 27, 2001--
Strategic Restructuring Enables Market Group to Sharpen Focus on
Providing Comprehensive Work Solutions to Global Financial Services
Industry
The Thomson Corporation (TSE:TOC), a leading, global e-information
and solutions company in the business and professional marketplace,
announced today that it intends to sell certain businesses contained
in its Thomson Financial market group. The businesses to be divested
include publications, business products, and services primarily
targeting the commercial banking sectors, as well as several niche
markets. The transaction is expected to be completed later this year.
Richard J. Harrington, President and Chief Executive Officer of
The Thomson Corporation said, "We have recently completed a thorough
evaluation of the evolving markets in which Thomson Financial
competes. Although these are outstanding businesses with strong
management, and well-established customers and brands, they are
primarily print-based, domestic companies and, therefore, do not fit
within our vision for Thomson Financial as a leading e-solutions
provider to the global financial services industry."
Several of the businesses being divested are market leaders in
providing specialized information and services to a broad range of
commercial banks and other financial services companies. Major
businesses and brands include American Banker, The Bond Buyer, A.S.
Pratt, Credit Union Journal, National Mortgage News, and Sheshunoff
Information Services.
Other businesses and brands to be divested include those that
primarily focus on the financial planning and other niche markets,
including: Financial Planning, On Wall Street, Securities Industry
News, and Traders Magazine.
"Thomson Financial has always embraced innovation and change to
maintain and grow its leading market position," said Patrick J.
Tierney, President and CEO of Thomson Financial. "Over the past year,
Thomson Financial has sharpened its focus on providing increased
analytical and workflow functionality, and technology and distribution
services to the securities industry. This means serving the needs of
corporations as issuers, investment banks, brokerage houses, and fund
managers. While the businesses we are selling have well-established
customer bases, unique data and information and strong brand names,
they simply fall outside our strategic core focus."
Thomson has retained Morgan Stanley to be its financial adviser on
the sale.
About The Thomson Corporation
The Thomson Corporation (www.thomson.com), with 1999 revenues of
$5.8 billion, is a leading, global e-information and solutions company
in the business and professional marketplace. The Corporation's common
shares are listed on the Toronto and London Stock Exchanges.
This news release includes forward-looking statements, which are based
on the Corporation's current expectations and assumptions, and are
subject to a number of risks and uncertainties that could cause actual
results to materially differ from those anticipated. Such risks and
uncertainties include, among others, general business and economic
conditions and competitive actions.
--30--jc/ny*
CONTACT: The Thomson Corporation
Investor Contact:
John Kechejian
Vice President, Investor Relations
(203) 328-9470
john.kechejian@thomson.com
or
The Thomson Corporation
Media Contacts:
Jason Stewart
Director, Public Relations
(203) 328-8339
jason.stewart@thomson.com
or
Thomson Financial
Pascale Wiedenroth
Director, Public Relations
(617) 856-1418
pascale.wiedenroth@tfn.com
END
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