Burton Denies Moore Delistment ReportsJune 2001
The divestments support Burton's cost-reduction initiatives. Financial details of the transactions were not disclosed.
"While the U.K. direct marketing business and the online real estate business are niche operations, they are not core to our future growth, do not offer synergies with our core businesses, and are draining management focus and resources away from our core forms and labels and integrated business solutions operations," Burton stresses. "This action directly supports my commitment to significantly reduce Moore's operating costs by eliminating activities that distract us from our focus of delivering shareholder value.
"Earlier this year, I committed to reducing Moore's operating costs by $100 million in order to create a company that can consistently deliver increased value for our customers, our shareholders and our employees. Actions, and results, in support of this commitment are starting to mount and momentum is starting to build in our favor," he adds.