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February 9-16, 2006 Edition
Acquires Minority Shares
in Indias DreamtechHOBOKEN, NJ/2/3/06John Wiley & Sons, Inc. (NYSE: JWa) (NYSE: JWb), announced today that it has completed the acquisition of the outstanding shares of Wiley Dreamtech (India) Private Ltd. from Infocom Books India Private Ltd. The company is being renamed Wiley India Private Ltd, and is now a wholly owned subsidiary of Wiley Publishing Inc.
Wiley acquired the majority interest in Dreamtech in 2001 as part of its highly successful acquisition of Hungry Minds Inc., which brought to the company such well known brands as For Dummies, Frommer’s, and CliffsNotes, among others. Since then, the joint venture has served as a platform for extending these brands in India and was combined with existing operations, which include an indigenous publishing program, the reprinting of Wiley technology titles, and a well established program of locally printed paperback editions of Wiley Higher Education textbooks. Wiley has had a presence in India since 1965.
“After four years of successful collaboration, both parties feel strongly that the time is right for Wiley to acquire the remaining shares,” said Stephen Smith, Wiley’s Senior Vice President, International Development. “This is an important step in our ambitious plans to grow Wiley’s presence in India. The acquisition enables us to increase our investment in Indian publishing and to extend our sales and marketing reach for all Wiley products in this important and rapidly growing market,” he continued.
In connection with the expansion of this program, Wiley announced that Mr. Vikas Gupta is appointed as Managing Director of Wiley India Private Ltd. Mr. Gupta was Managing Director of Wiley Dreamtech. Mr A. K. Bharti will continue to lead the Academic and Professional Division of Wiley India.
Founded in 1807, John Wiley & Sons, Inc. provides must-have content and services to customers worldwide. Its core businesses include scientific, technical, and medical journals, encyclopedias, books, and online products and services; professional and consumer books and subscription services; and educational materials for undergraduate and graduate students and lifelong learners. Wiley has publishing, marketing, and distribution centers in the United States, Canada, Europe, Asia, and Australia. The Company is listed on the New York Stock Exchange under the symbols JWa and JWb. Wiley’s Internet site can be accessed at http://www.wiley.com.
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