Scholastic Buys Resource Business
by Staff -- Publishers Weekly, 5/27/2002
Scholastic continued its acquisition binge late last month with the purchase of Teacher's Friend Publications Inc. Based in Riverside, Calif., Teacher's Friend manufactures and distributes more than 700 items that teachers use to decorate their classrooms, ranging from bulletin boards to posters. Scholastic paid $6 million for the company, which had 2001 sales of $4 million. Founders Richard and Karen Sevaly will continue to run the company from California. As with its previous purchase of Baby's First Book Club (News, Apr. 15), Scholastic plans to market the products through its book fairs and clubs, as well as through its new online teacher store at scholastic.com.
