Taylor &Francis Plans Stock Market Flotation
Jean Richardson -- 4/20/98
The U.K. academic publisher Taylor &Francis has announced plans for a stock market flotation that will value the company at around £100 million. Chief executive Anthony Selvey said the money raised would enhance the company's status and market profile and would allow it to make further acquisitions. There are currently some 250 employees who will be invited to share in the company's success through share-option schemes.A publisher of journals and books in the fields of bioscience, education, engineering, the humanities, psychology, physical science and political science, the company was set up in 1798 to launch Philosophical Magazine, one of the U.K.'s oldest scientific journals. Taylor and Francis formalized their partnership in 1852, and the firm became a private limited company in 1936. In recent years the company has grown rapidly, expanding into new areas and taking over other publishers. Today it has more than 10,000 titles in print and expects to publish around 150 journals and 600 new books this year. Pre-tax profits for 1997 were £7.15 million on a turnover of £30.06 million. In 1982 Taylor &Francis created a base in the U.S. and has since bought six businesses, the latest being Garland Publishing. Today the U.S. office is centralized in Philadelphia, with distribution centers in Philadelphia and New York, and some 40% of Taylor &Francis's revenues come from the U.S. Back To News---> |
