Scholastic inc. has entered into a definitive agreement with Lagardere SCA to purchase publisher Grolier Inc. for $400 million in cash. The acquisition is expected to increase Scholastic’s projected operating income by about 30%. Brian Beckwith will remain as president and COO of Grolier, which will continue operating from its headquarters in Danbury, CT. No staff reductions are expected “for the time being,” said Scholastic spokeswoman Judy Corman. The company employs about 2,000 people worldwide. Grolier, which has annual revenue of some $450 million, does business in the direct mail and e-commerce children’s book club market and is the online and print publisher of children’s reference products. Grolier also publishes trade books under the Orchard Books, Children’s Press and Franklin Watts imprints. The company was established as The Grolier Society in 1895.
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