REG - The Vitec Group PLC - Disposal of Staging business
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The Vitec Group plc
14 August 2012
SALE OF STAGING BUSINESS
The Vitec Group plc ("Vitec"), the international provider of products and services for broadcast, photographic and MAG (military, aerospace and government) markets, announces that it has exited its Staging business. The Staging business supplies standard aluminium trusses and custom stage sets.
Vitec's Staging business was considered non-core to Vitec's strategy and incurred an operating loss before significant items of £0.7 million on revenue of £17.7 million for the year ended 31 December 2011. Gross assets were £9.1 million as at 31 December 2011.
The sale of the Staging business has been completed as two separate transactions resulting in an estimated net cash outflow for Vitec of £2.1 million after transaction costs. This amount will be subject to post-closing adjustments for changes in working capital.
MILOS S.R.O., based in the Czech Republic, has purchased the majority of the Staging business that consists of: Tomcat USA Inc, Tomcat Global Corp., Tomcat de Mexico SA de CV, Staging Systems Europe SpA and Staging SK S.R.O. These companies are based in the US, Mexico, Italy, and Slovakia. Prolyte Products UK Limited purchased the remaining Staging business, Brilliant Stages Limited, which is based in the UK.
Commenting on the disposal, Stephen Bird, Group Chief Executive of Vitec said: "We are pleased to have secured the sale of our Staging business to two leading staging and truss manufacturers. The disposal will enable us to focus on our core markets and our strategic objective of providing products and services that support the capture of exceptional images."
The Vitec Group plc
Stephen Bird, Group Chief Executive
Paul Hayes, Group Finance Director
Telephone: 020 8332 4600
Nick Hasell / Susanne Yule
Telephone: 020 7269 7291
A Snapshot of The Vitec Group
Vitec is an international Group principally serving customers in the broadcast, photographic and military, aerospace and government (MAG) markets. Listed on the London Stock Exchange with 2011 revenue of £351.0 million, Vitec is based on strong, well known, premium brands on which its customers worldwide rely. Vitec is organised in three Divisions: Videocom, Imaging, and Services.
Videocom designs and distributes systems and products used in broadcasting and live entertainment, film and video production and MAG.
Imaging designs, manufactures and distributes equipment and accessories for photography and video.
Services provides equipment rental, workflow design and technical support for camera, video, audio, fibre optic and wireless technology used by TV production teams and film crews.
More information can be found at: www.vitecgroup.com.
This information is provided by RNS