Vinten pays £70m for German firm
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BY JOHN SHEPHERD
Vinten is expanding its international operations by paying £70.6m for Sachtler, a German maker and distributor of camera supports, lighting equipment and suspension systems to broadcast and film markets.
The deal comes a week after Vinten paid $13.7m (£8.7m) for Berc, a Californian company. Vinten also makes and distributes broadcast, photographic and surveillance equipment in Italy and France.
Malcolm Baggott, chief executive, said Sachtler would significantly increase the scale of group operations.
Vinten also yesterday announced a 37 per cent rise in underlying annual pre-tax profits from £14.6m to £20.1m for 1994. Earnings per share rose 31 per cent to 40.2p, comfortably covering a total dividend of 9p, up from 7.8p.
In the year to last June, Sachtler reported a recovery in pre-interest profits from DM5.7m (£.2.5m) to DM12.5m. The result for 1992/93 was depressed by "initial teething" problems from a move to a larger factory in Munich.
About £33m of the cost of buying Sachtler, which has almost £12m of debts, will come from a placing and open offer of Vinten shares.
The open offer is on the basis of one-for-six at 490p per share, the price of which rose 5p to 511p yesterday. Remaining purchase funds will come from existing banking facilities.
In 1994, the photographic businesses lifted trading profits 40 per cent to £11.9m on sales of £44.9m, up from £37.5m. Profits from the broadcast business also improved from £4.49m to £6.5m, but the contribution from the surveillance side dipped from £2.9m to £2.3m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments