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Irish company giant steps in America

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Irish Business News Discussion:     Irish company giant steps in America

Barry O'Callaghan CEO of Houghton Mifflin Riverdeep Group (HMRG) made a move to acquire the U.S. educational business of Reed Elsevier's Harcourt division for $4 billion, last week.
HMRG best known for educational programs like "Where in the World is Carmen Sandiego" and "Reader Rabbit." will become the biggest textbook publisher in America if they get their target.
The once small Irish company will be kings in what analysts regard a gold market. Expectations that spending will increase in coming years as big U.S. states like California step up textbook replacement programs.
O'Callaghan follows other Irish entrepreneurs, including Tony Ryan and Michael O'Leary, breraking into and then dominated markets once held by a handful of big players.
American publishing business, Riverdeep was established in 1995 in Ireland. O'Callaghan joined the company as chief executive in 1999. Riverdeep went public with an offering on the Nasdaq Stock Market in March 2000, as technology stocks were peaking. After a slump in the stock price, O'Callaghan led a management buyout in 2003, holding 46 % in HMRG.

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