Sign In
4 Jun 2009 07:00
4 June 2009
PHOTO-ME INTERNATIONAL PLC
Possible Disposal
The Board of Photo-Me (PHTM.L), the instant service equipment group, announces that the Company is considering the disposal of its Swiss-based subsidiary, Imaging Solutions AG ("ISAG"), in which the Company has an 86% interest, together with ISAG's German-based subsidiaries.
Under Thierry Barel's leadership, the Board announced in July 2008 its strategy to pursue the activities of operating, selling and servicing a range of instant service equipment. Since ISAG is involved mainly in the manufacture of wholesale photo-processing labs and its customers are not primarily concerned with instant service equipment, its activities do not represent a core element of the Group's strategy. Furthermore, as detailed in the Company's trading statement announced on 3 February 2009, trading at ISAG, as a manufacturer of high-value equipment, was being materially affected by the global credit crisis.
During the last year, the Board has considered whether synergies existed between the Group's manufacturing and R&D capabilities in its two principal facilities - KIS (in Grenoble, South East France) and ISAG (in Zurich, Switzerland) - and whether ISAG could be further integrated within the Group. The Board concluded that possible synergies were minimal. As a result, it has initiated discussions with interested parties with a view to a possible sale.
A further announcement will be made in due course.
Enquiries:
Photo-Me 01372-453 399
Hugo Swire (Chairman)
Thierry Barel (CEO)
Bankside Consultants
Charles Ponsonby 020-7367 8851 / 07789-202 312
Notes for Editors:
Photo-Me pursues two principal activities: Operations (previously termed Vending) and Sales & Servicing (previously termed Manufacturing). Within Operations, which contributes approximately three-quarters of Group revenue, Photo-Me has approximately 44,000 vending locations in 15 countries (principally in Europe and Asia). It is the world's leading operator of photobooths, with approximately 21,500 sited. Photo-Me also operates a diverse range of vending equipment, including digital printing kiosks, amusement machines and business service equipment.
Sales & Servicing comprises the manufacture, sale and after-sale servicing of both the above-mentioned vending equipment and a complete range of photo-processing equipment, including photobook makers, digital printing kiosks, minilabs and wholesale labs. Sales are achieved using the Group's own network and its distributors and agents throughout the world, including the USA.
Follow the stocks
