McGraw-Hill to Buy Schaffer Publications

McGraw-Hill Cos., which publishes school textbooks and owns Business Week magazine, agreed to buy Torrance-based Frank Schaffer Publications from Canada’s Torstar Corp. for an undisclosed amount to add educational publishing.

Frank Schaffer, which publishes teacher resource materials for pre-kindergarten through eighth grade, will be incorporated into McGraw-Hill’s children’s publishing unit.

Shares of New York-based McGraw-Hill closed up 45 cents at $70.45 on the Big Board.