Canon confirms acquisition of magazines from RBI-US
Los Angeles, Calif.—Canon Communications formally announced Tuesday that it has agreed to acquire Electronic Design News (EDN), Design News, Test & Measurement World and Packaging Digest from Reed Business Information-US. Financial terms of the agreement were not disclosed. BtoB reported Friday that Canon was in talks to buys several magazines from RBI-US. The publications fit with Canon Communications' trade shows, such as Electronics West, PlastecWest and WestPack. Canon, which is one of the few larger business information companies making acquisitions in the current economic climate, bought three Canadian events in October: PACKEX, a packaging industry event, and Plast-Ex and EXPOPLAST, two plastics industry shows. “First, (the deal) balances our portfolio, bringing market breadth to our Publishing Division that’s comparable to the breadth of our Events Division; we now cover virtually the complete array of advanced manufacturing sectors across all media,” Charles G. McCurdy, Canon's chairman-CEO, said in a statement. “Second, Canon’s overall scale and capabilities as a digital media provider is dramatically enhanced; digital and data revenues as a percent of Canon’s Publishing Division will now exceed 30% with a broad array of products and services. “Third, this acquisition establishes the Publishing Division’s operating presence in Asia to complement the Events Division’s existing presence in those markets; Canon now supports the advanced manufacturing sector on a truly global basis. Fourth, Canon’s Master Audience File of professionals in the manufacturing design and engineering sector will exceed 1 million unduplicated individuals." Reed Business Information and its parent company, Reed Elsevier, were represented by Jordan, Edmiston Group.