Reed Elsevier Will Sell Lexis Print Shops to Cadmus
Stock Chart for Reed Elsevier PLC (REL)
Reed Elsevier Plc (REL)'s LexisNexis database service provider agreed to sell its printing business to Cadmus Communications Corp.
Cadmus in turn agreed to provide printing services to LexisNexis for five years, Richmond, Virginia-based Cadmus said today in a statement. Terms weren't disclosed.
LexisNexis plans to pay more attention to developing products for database customers after the transaction is completed, the company said in the statement. Almost all of the approximately 125 people who work in two plants, in Conklin, New York and Charlottesville, Virginia, will retain their jobs, Cadmus said. On Dec. 27, Cadmus agreed to be acquired by printing company Cenveo Inc. (CVO) for about $235.9 million in stock.
Shares of Cadmus rose 3 cents to $24.65 at 4 p.m. in Nasdaq Stock Market composite trading. Shares of Reed Elsevier, based in London and Amsterdam, fell 6 pence to 594 pence in London. Shares of Stamford, Connecticut-based Cenveo fell 16 cents to $23.74 in New York Stock Exchange composite trading.
To contact the reporter on this story: Ted Bunker in Boston at tbunker1@Bloomberg.net.
To contact the editor responsible for this story: Emma Moody at emoody@Bloomberg.net.
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