19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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LIVONIA, Mich. - Valassis Communications Inc. said Wednesday it sold its French subsidiaries to HighCo, a French marketing services company, to focus on its business with more growth potential.
| VCI | 1.21 |  0.1 |
Terms of the deal were not disclosed.
With the completion of its clearing operation in Poland, the company said it will focus its efforts on growing its clearing business in selected countries in Europe as well as its media business in China and a few markets in Europe.
Valassis' business in France involved mostly coupon and promotional distribution and store signs. The Michigan-based company had previously projected earnings before taxes for the second half of the year of $1 million on sales of $16 million.
Valassis develops coupon books that are inserted into newspapers and mailed directly to homes, advertising on newspaper delivery bags, Web-based and in-store promotions.
Shares rose 2 cents to $9.05 in afternoon trading.
NAME_Timothy F. Geithner AGE-BIRTH DATE-LOCATION-47; August 18, 1961, New York City.
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