19th Dec 2005 17:37
The Vitec Group PLC19 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 purchasethe Petrol bags business of Band Pro Digital and Video Inc ("Petrol"). Sales ofPetrol 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 thesubject of the transaction are expected to be US$0.4m (£0.2m) at completion.The acquisition will be funded from existing resources and is expected to beimmediately earnings enhancing (see note 1). Completion is expected in early2006. Petrol designs and distributes a range of camera bags and related accessoriesfor the broadcast and video markets. It is based in Tel Aviv, Israel and hasbeen supplying products to Vitec's Broadcast System Division for four years. Formore information, see www.petrolbags.com. Commenting on the acquisition, Gareth Rhys Williams, Chief Executive of Vitec,said: "I am delighted to announce this acquisition. Petrol is a growing businessthat we know well and, together with Kata, enhances our position as a leadingsupplier of bags to the broadcast and video markets." Ends Contacts: The Vitec Group plc Telephone: 020 8939 4650Gareth Rhys WilliamsAlastair Hewgill Financial Dynamics Telephone: 020 7269 7291Richard Mountain Notes to Editors About The Vitec Group plc The Vitec Group plc supplies a wide range of equipment and services to thebroadcasting, entertainment and photographic industries. Its products aredistributed in nearly 100 countries, either through dealerships or direct to theend user or corporate sector, and it has manufacturing facilities in fourcountries. The Vitec Group is a major force in its chosen specialised fields. More information can be found at: http://www.vitecgroup.com. Note 1 This statement should not be taken to mean that earnings per share of The VitecGroup plc will necessarily exceed or be lower than historic earnings per shareof The Vitec Group plc and no forecast is intended or implied. Note 2 All values in pounds sterling have been calculated using the exchange rate: £ 1:1.76US$ This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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