LONDON--Education company Pearson PLC (PSON.LN) Monday said it
has decided to exit its U.K. adult training business, Pearson in
Practice, and is therefore entering into a consultation period with
Pearson in Practice staff
MAIN FACTS:
-In October 2012, Pearson announced that it had initiated a
comprehensive review of Pearson in Practice in response to a
radically changing trading environment.
-Believes Pearson in Practice no longer has a sustainable
business model.
-Current learners will be supported to complete their learning
programs in colleges and in the workplace.
-Working with the Skills Funding Agency to ensure that learners
continue to be supported through other skills and workplace
training providers, and Pearson's other work based learning
programs.
-If Pearson is unsuccessful in transferring Pearson in Practice
assets to other training providers, Pearson is proposing to close
the business.
-Cost of closure and impairment is expected to be 120 million
pounds and will be reflected as a loss on disposal in Pearson's
2012 statutory accounts.
-Shares at 0904 GMT down 7 pence, or 0.6%, at 1215 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires