DCC, the distribution group, has sold its 90 per cent owned subsidiary, International Translation & Publishing (ITP), to SDL, a British software and Internet products company. The sale will provide DCC with a gain, before tax, on the book value of some €18 million (£14.18 million). The company had been part of SerCom Solutions, DCC's wholly owned subsidiary. Last September, Mr Jim Flavin, DCC's chief executive and deputy chairman, said SerCom Solutions had expanded its range of services to the IT and telecommunications sectors to embrace supply chain management and e-commerce fulfilment. Yesterday DCC said: "In order to focus the development of SerCom Solutions on these exciting growth areas we have decided to sell ITP, the specialist localisation business." Under the deal, SerCom will receive €19.8 million in cash and SDL will assume bank debt of some €3.6 million.
SerCom Solutions said it was enhancing its IT systems and developing a range of e-commerce solutions to capitalise on the growing trend of outsourcing by its international customers.
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