Online information giant Reed Elsevier has announced that it is selling its Harcourt Education division, which produces educational text books. The Bookseller reports that the proceeds of the sale will be used to increase investment in Reed Elsevier online products, which include LexisNexis and Scopus.
"The planned sale of our Harcourt Education division announced today sharpens our strategic focus and concentrates our resources on the digital opportunities," chief executive Crispin Davis said in a statement.
Reed Elsevier announced its pre-tax profits for the year to end December this week, which were up by 5% at £1.052 billion. Revenue for the publisher rose 4% to £5.398 billion. Predicting the year ahead Reed described the information market conditions as "generally favourable" the Bookseller reports.
Earlier this week Reed was hit with the news that two of its major investors were backing out of the Anglo-Dutch company because of its arms trade shows. Defending its exhibitions division, which organises the London Book Fair as well as defence shows in the Middle East, London and the US, Reed said it:" remained convinced that the defence industry is necessary to the preservation of freedom and national security and that these exhibitions assist in ensuring there is a licensed, regulated and open market to serve bona fide individuals and reputable companies in the sector".
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