The Vitec Group PLC
19 December 2005
19 December 2005
FOR IMMEDIATE RELEASE
Vitec announces the acquisition of the Petrol bags business
The Vitec Group plc announces that it has today signed an agreement to purchase
the Petrol bags business of Band Pro Digital and Video Inc ('Petrol'). Sales of
Petrol in the year ending 31 December 2005 are expected to be approximately
$2.1m (£1.2m), compared with $1.6m (£0.9m) in 2004. Gross assets that are the
subject of the transaction are expected to be US$0.4m (£0.2m) at completion.
The acquisition will be funded from existing resources and is expected to be
immediately earnings enhancing (see note 1). Completion is expected in early
2006.
Petrol designs and distributes a range of camera bags and related accessories
for the broadcast and video markets. It is based in Tel Aviv, Israel and has
been supplying products to Vitec's Broadcast System Division for four years. For
more information, see www.petrolbags.com.
Commenting on the acquisition, Gareth Rhys Williams, Chief Executive of Vitec,
said: 'I am delighted to announce this acquisition. Petrol is a growing business
that we know well and, together with Kata, enhances our position as a leading
supplier of bags to the broadcast and video markets.'
Ends
Contacts:
The Vitec Group plc Telephone: 020 8939 4650
Gareth Rhys Williams
Alastair Hewgill
Financial Dynamics Telephone: 020 7269 7291
Richard Mountain
Notes to Editors
About The Vitec Group plc
The Vitec Group plc supplies a wide range of equipment and services to the
broadcasting, entertainment and photographic industries. Its products are
distributed in nearly 100 countries, either through dealerships or direct to the
end user or corporate sector, and it has manufacturing facilities in four
countries. The Vitec Group is a major force in its chosen specialised fields.
More information can be found at: http://www.vitecgroup.com.
Note 1
This statement should not be taken to mean that earnings per share of The Vitec
Group plc will necessarily exceed or be lower than historic earnings per share
of The Vitec Group plc and no forecast is intended or implied.
Note 2
All values in pounds sterling have been calculated using the exchange rate: £ 1:
1.76US$
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.