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Presseschlagzeile: Glenayre buys part of Universal's CD/DVD operations
Verffentlicht am: 05/09/2005
Verffentlicht durch:
Kategorie: Companies
Beschreibung: Glenayre Technologies Inc. will buy the North American and central European CD and DVD manufacturing and distribution operations from Universal Music Group for $122 million.

The deal should close May 31, 2005. The transaction includes Universal's manufacturing and distribution operations in Hanover, Germany, its manufacturing operations in Grover, N.C., and its distribution operations in Fishers, Ind., Reno, Nev., and Wilkes-Barre, PA.

Atlanta-based Glenayre (NASDAQ: GEMS) also will enter into 10-year supply contracts with Universal to become the exclusive manufacturer and distributor for about 80 percent of Universal's CD and DVD requirements for North America and central Europe.

To fund the deal and provide working capital, Glenayre has forged an agreement with Wachovia Bank for a senior secured credit facility of $56.5 million. The line of credit consists of a term facility of $46.5 million repayable over five years, and a revolving credit facility of $10 million.

"After funding the transaction, Glenayre will still have substantial cash on its balance sheet for additional strategic investments and acquisitions," said Clarke Bailey, Glenayre chairman and CEO. "This acquisition allows Glenayre to become a significant participant in the manufacture and distribution of entertainment products. The CD market recovered in 2004 after several years of decline due in part to significant progress made in battling piracy and illegal digital downloads."

Glenayre provides next-generation messaging technology and services for wireless and wireline carriers, and MSO/cable companies.
Kontakt Info: www.Glenayre.com
www.umusic.com
Allgemeine Kontaktinformation:

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Bakersville, NC 28705-8623
U.S.A.


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