Snyder Communications buying Connecticut company Bethesda firm to pay $21 million for Global

Marketing

November 12, 1997|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

Snyder Communications Inc. announced plans yesterday to buy a Connecticut communications and marketing services firm for $21.7 million.

The Bethesda-based Snyder's deal to acquire Global Educational Marketing Communications is expected to close sometime before the end of this year, and slightly add to the company's earnings this year and in 1998.

With Global Educational Marketing, Snyder hopes to broaden the range of services it provides to the health care and pharmaceutical industries.

Global Educational Marketing, whose clients include such large manufacturers as Hoechst Marion Roussel, Glaxo Wellcome, Novartis Group and Janssen Pharmaceutica, develops educational marketing programs for doctors, pharmacists and nurses, typically either shortly before or after new drugs are introduced.

"The addition of Global Educational Marketing to our corporate family further deepens the menu of marketing services that we are able to offer the largest pharmaceutical manufacturers and enhances our ability to provide a truly integrated marketing service," said Daniel M. Snyder, Snyder's chief executive officer.

Snyder hopes to use Global Educational Marketing's expertise to develop educational marketing programs aimed at patients, an area it believes is ripe for tremendous growth.

The acquisition comes less than a month after Snyder reported that its earnings doubled in the third quarter, to $6.9 million. At the same time, the company's revenue reached a record $71.8 million.

Pub Date: 11/12/97

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