Other financial news in brief

Houghton to pay off debt  after sale of unit to Cengage

Educational publisher Houghton Mifflin Harcourt will use $600 million (€385.99 million) of the $750 million proceeds from the newly-completed sale of its college unit to Cengage Learning to pay off senior debt.

The company, which has annual revenues of some $2.5 billion and is backed by clients of Davy, will use the remainder of the proceeds for working capital and other general corporate purposes.

The organisation comprises the combined operations of Irish e-learning firm Riverdeep, Boston publisher Houghton Mifflin and Harcourt Education.

IBI denies Brennan move linked to Flavin exit

IBI Corporate Finance has said the forthcoming move of its chief executive, Róisín Brennan, to the new post of IBI executive chairwoman was not linked to her support on DCC's board for its former executive chairman, Jim Flavin. "Categorically not," said a spokesman. "Ms Brennan will continue to have overall responsibility for the operation of IBI and reporting to the [Bank of Ireland] group. She will also be engaged on a day-to-day basis with client work."

Tom Godfrey becomes joint IBI managing director alongside Ted Webb.

Siemens wins 40m contract  for baggage at Dublin airport

Dublin Airport Authority has awarded a €40 million contract to design and build the baggage-handling system in the airport's new terminal to Siemens.

The system is part of the €395 million project to build a second terminal at Dublin airport, capable of handling up to 15 million passengers a year.

The system will include 6km (3.7 miles) of conveyor belts, to route and sort baggage.

The terminal, on schedule to open in April 2010, is designed for long-haul and short-haul passengers and airlines.