Houghton Mifflin Signs Contract to Enter Elementary School Science Market

Posted on December 18, 1998

Houghton Mifflin Company has signed a definitive purchase agreement to acquire Discovery Works, a Pearson Education K-6 market-leading science program, originally published by Silver Burdett Ginn. This will allow Houghton Mifflin to enter the elementary science market immediately with the current copyright of Discovery Works.

Nader F. Darehshori, Chairman, President and Chief Executive Officer for Houghton Mifflin said, "One of our strategic goals is to expand our product lines to include science programs. The acquisition of Discovery Works is an excellent opportunity to enter the elementary science market -- the only major subject area in which the School Division has had no product offerings. We are extremely pleased to acquire such an outstanding science program, and we welcome the opportunity to work with the talented team responsible for the program's success. The timing for this acquisition could not be better -- the current demand for Discovery Works will generate revenue in 1999 and the new program will enable us to participate in the many statewide adoption opportunities that will be available in 2000 and beyond."

Houghton Mifflin is a leading publisher of textbooks, instructional technology, assessments, and other educational materials for the elementary and secondary school and college markets. The Company also publishes an extensive line of reference works, fiction and non-fiction for adults and young readers, and multimedia entertainment products.