Moore Completes Sale Of Its Phoenix Group Division
Press release from the issuing company
TORONTO & STAMFORD, Connecticut-- Nov. 8, 2001-- Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited announced today that the company has completed the sale of the assets of its Phoenix Group division to Minacs Worldwide Inc. Terms of the transaction were not disclosed. Proceeds from the transaction will be used to fund future acquisitions and stock buybacks, pay down debt, and for general corporate purposes.
Mr. Burton stated:
"When we came to Moore last December we announced a focused action plan that called for the divestiture of non-core assets, $100,000,000 in cost reductions, revenue growth through the cross-selling of our core print related businesses and the acquisition of complementary businesses. With cost reductions in excess of the initial $100,000,000 target achieved, cross selling yielding results with organic revenue growth being delivered, the sale of Phoenix demonstrates our ability to remove ourselves from non-core assets that do not allow us to leverage our size to reduce costs further.''
"We will use the proceeds from Phoenix to further diversify our print-related revenue through investments in higher growth niches and to further improve our already strong balance sheet as well as other positive actions designed to increase shareholder value.''
"Moore returned to profitability in the third quarter, a quarter ahead of our initial plan. We are positioned to deliver our fourth quarter and we are looking forward to having an opportunity to review our 2002 plan with investors near the end of the year. Additionally, we are looking forward to sharing with investors other positive information throughout the quarter.''
Moore Corporation Limited is an international provider of products and services that help companies communicate through print and digital technologies. As a leading supplier of document formatted information, print outsourcing and data based marketing, Moore designs, manufactures and delivers business communication products, services and solutions to customers. Moore operates in complementary marketplaces: Forms, Print Management and Related Products which includes Label Systems and Integrated Business Solutions including personalized direct marketing, statement printing and database management. The Moore Internet address is www.moore.com.
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