ANN ARBOR, Mich., Nov. 28 /PRNewswire-FirstCall/ -- ProQuest Company
(NYSE: PQE), a publisher of information and education solutions, today
reported that it has completed the sale of its ProQuest Business Solutions
segment to Snap-on Incorporated (NYSE: SNA) for approximately $527 million,
made up of $508 million in cash and the assumption by Snap-on of $19
million in debt in the form of monetized future billings.
About ProQuest Company
ProQuest Company (NYSE: PQE) is based in Ann Arbor, Michigan, and is a
publisher of information and education solutions. We provide products and
services to our customers through two business segments: ProQuest Education
and ProQuest Information and Learning. Our Education segment, which
includes the Voyager Expanded Learning business, serves the K-12 market. It
is a leading provider of K-12 curriculum products, in-school core reading
programs, reading and math intervention programs, and professional
development programs for school districts throughout the United States.
ProQuest Information and Learning serves the higher education and public
library markets, and is a world leader in collecting, organizing, and
publishing high-quality research resources for researchers, faculty, and
students in libraries and schools. It is widely known for its strengths in
business and economics; general reference; genealogy; humanities; social
sciences; and scientific, technical and medical (STM) content. Information
and Learning develops products comprising periodicals, newspapers,
dissertations, out-of-print books, and other scholarly information from
more than 9,000 publishers worldwide.
About ProQuest Business Solutions
ProQuest Business Solutions is the original developer and a global
leader of electronic parts catalogs, which are used by over 33,000
dealerships worldwide. ProQuest products transform complex technical data,
like parts catalogs and service manuals, into easily accessed electronic
information for the world's automotive manufacturers and their dealer
networks. ProQuest also provides business-to-business information and
retail performance measurement services. For more information on ProQuest
Business Solutions, call 888.543.0894 or visit http://pbs.proquest.com .
About Snap-on Incorporated
Snap-on Incorporated is a leading global innovator, manufacturer and
marketer of tools, diagnostics and equipment solutions for professional
users. Product lines include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle manufacturers, dealerships and repair
centers, as well as customers in industry, government, agriculture and
construction. Products are sold through its franchisees, company-direct
sales and distributor channels, as well as over the Internet. Founded in
1920, Snap-on is a $2.4 billion, S&P 500 company headquartered in Kenosha,
Wisconsin. For additional information on Snap-on, visit
http://www.snapon.com .
Forward-Looking Statements
Some of the statements contained herein constitute forward-looking
statements. These statements relate to future events, the results of our
pending restatement process, or our future financial performance and
involve known and unknown risks, uncertainties and other factors that may
cause our or our markets' actual results, levels of activity, performance
or achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by such
forward-looking statements. These risks and other factors you should
specifically consider include, but are not limited to the company's ability
to successfully conclude the review of its financial results, the discovery
of additional restatement items, the ability to renegotiate the terms of
its revolving credit agreement and senior notes in connection with defaults
under such debt due to any potential restatement if further defaults occur,
ability to support its current debt level, the company's ability to
refinance its outstanding debt and working capital needs, changes in
customer demands or industry standards, adverse economic conditions, loss
of key personnel, litigation, decreased library and educational
funding/budgets, the ability to successfully close and integrate other
acquisitions, demand for ProQuest's products and services, success of
ongoing product development, maintaining acceptable margins, ability to
control costs, the impact of federal, state and local regulatory
requirements on ProQuest's business including K-12 and higher education,
the impact of competition and the uncertainty of economic conditions in
general, the ability to successfully attract and retain customers, sell
additional products to existing customers, and win new business due to
changes in technology, the ability to maintain a broad customer base to
avoid dependence on any one single customer, K-12 enrollment and
demographic trends, the level of educational funding, the level of
education technology investments, the company's ability to obtain
financing, global economic conditions, financial market performance, and
other risks listed under "Risk Factors" in our regular filings with the
Securities and Exchange Commission. In some cases, you can identify
forward- looking statements by terminology such as "may," "should,"
"expects," "plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," "projects," "intends," "prospects," "priorities,"
or the negative of such terms or other comparable terminology. These
statements are only predictions. Actual events or results may differ
materially. The company undertakes no obligation to update any of these
statements.
SOURCE ProQuest Company
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Related links:
http://www.proquestcompany.com
http://pbs.proquest.com http://www.snapon.com
http://www.prnewswire.com/comp/108291.html /
CONTACT:
Jennifer Chelune, Investor Relations Manager
of ProQuest Company, +1-734-997-4910,
jennifer.chelune@proquest.com
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