MAIN NEWS HEADLINES
January 8 – January 15, 2008 Edition
For the 2008 Year
NEW YORK, NY (Authorlink News, Jan. 7, 2008)–McGraw-Hill restructured a limited number of business operations and corporate functions in the fourth quarter of 2008 to more efficiently deal with the economic environment and position the company for future growth. Partly as a result of 375 layoffs in the fourth quarter, the company incurred $26.3 million in pre-tax restructuring costs.
“Our diverse portfolio of businesses and ongoing cost containment efforts have helped lessen the impact of challenging economic conditions in 2008,” said Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies. “The actions we are announcing today are a continuation of these efforts and will help us continue to manage the company efficiently through a difficult environment while taking all necessary steps to better serve our customers and shareholders.”
Layoffs included 215 positions at McGraw-Hill Education, 50 jobs in Financial Services, 70 jobs in information and media, and 40 positions in the corporate offices.
The company said the restructuring will help focus its resources on more profitable areas of the business while streamlining its operations to serve customers in a more cost-effective manner.
The fourth quarter restructuring costs, when combined with similar moves in the second and third quarters, placed restructuring charges for the full year of 2008 to $73.4 million, pretax ($5.9 million after-tax).
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor’s, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com.