Moore Agrees to Sell Its Phoenix Group Division to Minacs Worldwide
Press release from the issuing company
TORONTO, Ontario & STAMFORD, Conn.--Aug. 14, 2001--Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited announced today that the company has entered into a definitive agreement to sell the assets of its Phoenix Group division to Minacs Worldwide Inc .
Terms were not disclosed, and the transaction, which is contingent upon financing and regulatory approval, is expected to be completed in September.
Mr. Burton stated:
"Phoenix is a profitable and niche business, however, the business does not fit into our announced strategy of focusing our full attention and management resources on growing our print related assets, cross selling our product offerings and leveraging synergies among our platform. Minacs is a better long-term strategic custodian for Phoenix. I want to personally thank the employees of Phoenix for all their hard work and wish them continued success with their new leaders.''
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