Moore Sells Interest in VISTAinfo, Completes Sale of UK Advertising Business
Press release from the issuing company
Bannockburn, Illinois / Toronto, Ontario, (April 02, 2001) - Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited (TSE, NYSE: MCL), announced today that the company has completed the sale of Colleagues Group Limited, effective March 30, 2001, the company's United Kingdom-based advertising and direct marketing business, through a management buyout. In a separate transaction, Moore also announced it has divested its interest in VISTAinfo, an on-line provider of real estate products and services, to Fidelity National Financial, Inc.
The divestments support Mr. Burton's previously stated commitment to reduce costs, divest non-core assets and refocus its efforts on its core businesses. Financial details of the transactions were not disclosed.
Mr. Burton stated:
"While the U.K. direct marketing business and the on-line real estate business are niche operations, they are not core to our future growth; do not offer synergies with our core businesses; and are draining management focus and resources away from our core forms and labels and integrated business solutions operations. This action directly supports my commitment to significantly reduce Moore's operating costs by eliminating activities that distract us from our focus of delivering shareholder value."
Mr. Burton concluded:
"Earlier this year, I committed to reducing Moore's operating costs by $100 million in order to create a company that can consistently deliver increased value for our customers, our shareholders and our employees. Actions, and results, in support of this commitment are starting to mount and momentum is starting to build in our favor.
"I feel confident that we are making strong progress in delivering against our commitments and positioning the company for profitability."
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