WPP Group PLC
30 March 2000
WPP GROUP PLC ('WPP')
J. Walter Thompson acquires TMI Group in the Middle East
WPP Group plc ('WPP') announces that its wholly-owned
operating company, J. Walter Thompson Company ('JWT'), the
global advertising agency group, has acquired 51% of the TMI
Group of companies ('TMI'), one of the leading advertising
groups in the Middle East, and entered into put and call
options to acquire the remaining 49%.
TMI, which has been a JWT affiliate in the Middle East and
North Africa since the mid-1980s, has subsidiaries in Egypt,
UAE, Jordon, Lebanon, Kuwait, Saudi Arabia, Syria, Morocco and
the UK and employs 320 people. Major clients include Arab
Bank, De Beers, Egypt Tourism, Ford, Jaguar, Gulf Air, Nestle,
Shell, Siemens and Unilever.
The Group reported revenues of $18.5million for the year
ending 31 December 1999 and net assets of $5.5million at 30
September 1999.
The acquisition of TMI expands JWTs presence in the
strategically important Middle Eastern market and continues
WPPs strategy of strengthening existing networks worldwide.
For further information please contact:
Feona McEwan at WPP, London
Tel: 020 7408 2204
www.wpp.com
www.jwtworld.com
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