News

Courier Acquires Dover Publications for $39 Million
Calvin Reid -- 8/21/00
Manufacturer plans to use digital technology to make reprint publisher
more efficient and to deliver its content



In an unusual move, Courier Corporation, one of the nation's largest book manufacturers, has acquired 100% of Dover Publications, the well-known reprint publisher founded in 1941 by the late Hayward Cirker, for $39 million in cash. The purchase is subject to government approval, but Courier officials expect the acquisition to be completed by September 30.

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Cirker died in March of this year and while Dover's sale was expected, James F. Conway, chairman, president and CEO of Courier, acknowledged to PW that "it is unusual for a printer to buy a publisher." He explained the move by noting that today customers want content "faster and quicker, with a simplified process. This acquisition gives us an advantage." Courier has experience in delivering college course packs, Conway noted, and he said the firm has "augmented our core book manufacturing business in ways designed to streamline and enhance the process of getting books from authors to readers."

Conway told PW that there will no reduction of Dover's staff of 170 employees, "It's more likely that the staff will increase in size," he said. The firm will remain in its headquarters in Mineola, N.Y. Hayward Cirker's widow, Blanche Cirker, cofounder of Dover, will remain as president through the first year. Conway emphasized that the remaining senior management of the company will continue in their current roles at Dover.

The primary reason for the acquisition, said Conway, was Dover's "great name and a title list that is without parallel in its size and variety." He pointed out that Dover has been consistently profitable and reported revenues in 1999 of about $32 million. The company has a 7,000-title backlist in 30 specialty categories. He also noted that Dover has a wide range of wholesalers and distributors, "a highly diversified, loyal network of retailers and a 50-year history of marketing directly to consumers, with direct customers now numbering more than 500,000."

Building a Web PresenceConway told PW that his primary concern was to "stay the course" and maintain Dover's profitability. He said, "We intend to use our expertise in e-commerce, direct marketing and short-run manufacturing to achieve double-digit sales growth at Dover." He acknowledged that Dover has no Web presence ("the Web site is under construction") and had lagged in making its content available in digital formats. "We'll make their content available in electronic formats and as e-books," said Conway, "and we believe we can bring our technologies to make Dover more efficient. Technology helps on the back end, also. Courier will capture revenue and profits from every step in the process."

Asked if Courier was considering other publishing acquisitions, Conway said there were "no plans at the present. Dover is pretty big for us to digest."