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McGraw Hill Buys J.D. Power
Major agency J.D. Power and Associates is to be acquired by publishing and information giant McGraw-Hill for an undisclosed sum. The agreement, which is subject to regulatory review, is expected to close in April.
In addition to its market-leading services for the global automotive industry, J.D. Power has a strong and growing presence in finance and insurance, healthcare, home building, telecommunications and energy. J.D. Power III, who founded the agency in 1968, will remain actively involved in the strategic direction of the operation, and Stephen Goodall will continue to serve as President, with responsibility for day-to-day operations.
J.D. Power & Associates, which includes the Power Information Network, LLC, has 787 employees, operates globally in 12 locations, and will maintain its Westlake Village, California, headquarters as well as its other regional offices. The buyer, The McGraw-Hill Companies group, was founded in 1888 and delivers information services worldwide to financial services, education and business information markets via brands including Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 280 offices in 37 countries and sales (2004) of $5.3 billion.
Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies, says the companies are an excellent fit and the acquisition will enhance McGraw Hill's growth prospects for business information platforms. 'Both organizations share a long history and deep commitment to providing independent industry ratings and benchmarks that help businesses and consumers make effective decisions'.
J.D. Power III declares himself 'personally delighted to have found a partner that shares our heritage of integrity and independence, and our unyielding commitment to providing objective research and analysis. There will be a smooth transition for our customers and employees, and we look forward to working closely with our new colleagues on a host of exciting growth opportunities'.
Scott Marden, President of The McGraw-Hill Companies' Information and Media Services, says the new addition will 'significantly strengthen our core business information platform by providing a new direct link to consumers, while also providing new collaborative opportunities with our leading franchises including BusinessWeek, Platts, McGraw-Hill Construction, Aviation Week and our healthcare group'.
Web sites are at www.jdpower.com and www.mcgraw-hill.com
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