Bowne Closes $180 Million Sale of Document Outsourcing Business to Williams Lea
Press release from the issuing company
NEW YORK, Nov. 9 -- Bowne & Co., Inc. today announced the closing of the sale of Bowne Business Solutions, its document outsourcing business, to Williams Lea, the leading European independent business process outsourcing specialist. Bowne's litigation services businesses, DecisionQuest, Digital Litigation Solutions and JFS Litigator's Notebook were excluded from the sale.
Bowne announced its intention to sell Bowne Business Solutions to Williams Lea on October 8, 2004 for $180 million in cash consideration. All required regulatory approvals and conditions in the agreement of sale have been met.
"The sale of our document outsourcing business unlocks value for our shareholders and allows us to sharpen our focus on our core business," said Philip E. Kucera, Bowne's Chief Executive Officer. "This is in the best interest of our shareholders and there is significant value in this transaction."
Plans for proceeds from the sale, estimated to be $150 to $155 million, are under review by the Board and may include: a share repurchase program, the retirement of debt, reinvestment in the core businesses (including strategic acquisitions), a special dividend, or for other general corporate purposes.
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