MHC Buys Frank Schaffer
Jim Milliot -- Publishers Weekly, 5/28/2001
The McGraw-Hill Cos. has added to its supplementary education holdings with an agreement to acquire Frank Schaffer Publications from the Torstar Corp. Torstar acquired Schaffer in 1994 for $56 million as part of its plan to build a supplementary educational materials division, a strategy it has abandoned. Terms of the MHC deal, which is expected to close within a couple of weeks, were not disclosed.
Schaffer will become part of MHC's children's publishing group that is based in Columbus, Ohio, under the direction of Vince Douglas. Decisions on whether Schaffer's facilities in California and Tennessee will remain open will be reached after the deal is completed. Schaffer is best known for its supplementary products for grades k–8 in language arts, math, science, social studies and religion.
