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Volt Information Sciences Inc. (NYSE: VOL) struck a deal to sell its telephone directory publishing business to the Yellow Page Group for $178 million in cash. The sale is set to close in September.
Included are the Volt Directory Systems and Services, which provides telephone directory database management, sales and marketing, and DataNational, a publisher of telephone directories in the Mid-Atlantic and Southeast markets. The operations had sales of $68 million in the last fiscal year.
"The divestiture of Directory Systems and Services and DataNational will significantly strengthen our balance sheet and provide us with the capital to fund future growth opportunities in our core business," said President and CEO Steven Shaw.
Volt will continue with its staffing and information technology services businesses, and will keep its telephone directory publishing business in Uruguay. Volt ranked No. 7 on Staffing Industry Analysts' list of largest U.S. staffing firms.