John Menzies eyes 'on the move' customers with acquisition

8th Jul 2011 11:24

Newspaper supplier John Menzies's newspaper and magazine wholesaling subsidiary Menzies Distribution has acquired media management company Media on the Move for a maximum provisional cash payment of about £1.1m.It is buying the business from Journey Group, a provider of in-flight products and catering services to the international airline and travel industry.The news boosted John Menzies shares as the acquisition of Media on the Move, which specialises in marketing and distribution services to airports and airlines and the travel industry, accelerates the company's expansion in the delivery of print media and related services to the travelling consumer. John Menzies expects the acquisition to be "earnings enhancing."Media on the Move will be integrated with Menzies existing Reed Aviation and Menzies Travel Media businesses to create one entity, the company said. Shares of company rose 2% to 543.7p in late morning trade.