Wolters Kluwer sells the Financial Training Company

Sale is fully in line with the strategy to divest the Professional Training activities

Wolters Kluwer nv announces that it has sold the shares in the Financial Training Company Ltd to the management of that enterprise. The divestment of the Financial Training Company is fully in line with the strategy of Wolters Kluwer to concentrate on exploiting the growth opportunities of Legal, Tax & Business, International Health & Science, and Education. Financial details of the agreement were not disclosed.

In March 2000, Wolters Kluwer stated that it would sell the Professional Training activities, which not only represented a small part of the business of Wolters Kluwer, but also were very different in expertise and culture. Professional Training is a group of companies active in the field of providing training services and training solutions to major corporations, non-profit organizations and professionals. The Financial Training Company is part of this group of companies and a provider of certified professional training in the fields of accountancy, tax and financial markets.

The company has 242 employees and is headquartered in London. It also has operations in Singapore and Hong Kong. In 2000, the Financial Training Company realized sales of approximately EUR 47 million.

In the year, 2000 Wolters Kluwer divested the Professional Training companies Krauthammer International, IEC and HQ, representing EUR 47 million annual sales, equal to more than a third of total cluster sales. 
 
In line with our general policy, the result on this divestment will be accounted for under 'Results on Divestments'. 
 

Note for the editor:

Wolters Kluwer is a multinational information services company with annual sales of approximately EUR 3.7 billion, employing approximately 19,000 people in Europe, North America and Asia Pacific. The company's core activities are Legal, Tax & Business, International Health & Science, and Education. The Wolters Kluwer shares are quoted on the Euronext Amsterdam. The financial results for the first half 2001 will be announced on August 14, 2001.


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Wolters Kluwer nv
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