(READING and HAVANT, UK--March 6, 2009) Pro-Bel and Snell & Wilcox announced today the merger of their businesses, and the creation of a new joint company. The deal, which combines the strengths of two market leading innovators in the broadcast technology industry, creates a formidable competitor in the digital media sector.
The combined company has two thousand active customers in more than 100 countries, a comprehensive portfolio of best-in-class products, and a world-wide team of sales and support personnel.
"For more than thirty years, both Pro-Bel and Snell & Wilcox have offered compelling best-of-breed solutions that help to solve real-world customer issues," said Graham Pitman, CEO of Pro-Bel. "During this time the two companies have developed highly complementary product ranges with very little overlap; well-deserved reputations for innovation, product quality and reliability; and a joint commitment to excellence in customer service. Through this merger, the new combined company will build on this strong foundation to create one of the industry's great companies."
The merger of Pro-Bel and Snell & Wilcox brings tremendous value to the new company's customer base. Specifically, the new company will:
Offer more comprehensive solutions to customer needs in order to create benefits to customers in terms of revenue generation, total cost of ownership and time to market.
Use its expanded pool of engineering talent to create industry-leading products, and to deliver them to market in less time.
Reinforce and expand its global presence in order to be more responsive to customer needs.
Enhance the company's joint customer service offering so that it can respond more quickly and comprehensively to evolving customer needs.
Continue to innovate and push the boundaries of image processing in the new "multi- screen" world.
"Our industry is in a period of dynamic transition," said Simon Derry, CEO of Snell & Wilcox. "Traditional business models are being rewritten as we embrace the exciting opportunities in the multi-definition, multi-platform world of 21st Century digital media. By joining forces we have created a company that has the talent, technology and resources to meet the evolving needs of our existing customers, while simultaneously taking advantage of new opportunities as they emerge."
The management of the new company includes members of the executive teams of both companies, including Graham Pitman, CEO of Pro-Bel, and Simon Derry, CEO of Snell & Wilcox. Pitman has been appointed Deputy Chairman of the new company, and Derry will serve as CEO.
The transaction was supported by private equity investors Lloyds TSB Development Capital (LDC) and Advent Venture Partners.
Further information about the merger of Pro-Bel and Snell & Wilcox can be found at: www.pro-bel.com
The Pro-Bel name is synonymous with innovative automation, media management and master control solutions as well as outstanding routing, control and signal distribution systems - all designed to be flexible and scalable, protecting the investment of the customer. With three decades of service to the international broadcast, post-production, cable & satellite communities, Pro-Bel has a unique understanding of broadcast workflow, and is an established leader in the provision of cost-effective solutions that compromise neither performance nor quality.
About Snell & Wilcox
Snell & Wilcox designs and builds the world's most advanced systems for video playout, mastering, repurposing, infrastructure, and live production switching. Providing solutions that deliver immediate value while enabling a controlled and cost-effective transition to HD and file-based systems, the company serves a worldwide base of customers in the broadcast, postproduction, cable, satellite, mobile TV, and IPTV markets. In business since 1973, Snell & Wilcox maintains its U.S. headquarters in Burbank, Calif., and European headquarters in Hampshire, U.K. Additional offices are located in New York, China, France, Germany, Hong Kong, India, Japan, Lebanon, Malaysia, and Russia.