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Pearson launches new cost cutting drive, may sell K12 business
May 5, 2017 / 6:16 AM / 7 months ago

Pearson launches new cost cutting drive, may sell K12 business

LONDON, May 5 (Reuters) - Pearson, the global education company battling a downturn in its biggest markets, said it would launch another cost cutting drive and consider selling its U.S. school publishing business in the latest attempt to restructure.

Pearson, which has issued five profit warnings in four years after students in the United States started renting rather than buying text books, said it would cut its cost base by the end of 2019 by 300 million pounds ($388 million) a year.

It said first quarter trading had been in line with its guidance and it reiterated its full-year target.

$1 = 0.7737 pounds Reporting by Kate Holton, Editing by Paul Sandle

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