Electronics Production |
Flextronics completes<br>Character acquisition
The Directors of UK based The Character Group plc has announced that completion has taken place of the sale of the digital products division of World Wide Licenses Limited and related assets to Flextronics Sales and Marketing (A-P) Limited.
The total sale price is payable by Flextronics is approximately US$17.98 million which comprises goodwill of US$16 million and approximately US$1.98 million relating to the value of stocks and assets. The sum of approximately US$1.8 million has been retained by Flextronics until the first anniversary of completion as security in respect of any warranty or indemnity claims against WWL.
The Group will continue to have a presence in Hong Kong, which, together with its new facilities in Shenzhen, China, will enable the Group to continue the growth of its Toys, Games and Gifts businesses in addition to managing the Hong Kong and Chinese logistics for the overall Group.
Richard King, Executive Chairman of The Character Group, commented: "We believe that the sale of the Digital Business will allow the Company to focus entirely upon the development of its Toys, Games and Gifts businesses and that Flextronics is uniquely placed to develop the Digital Business to a far higher level than the Group could have achieved in the same timescale."
"The Board would like to put on record its thanks to Giovanni Tomaselli (the out-going Managing Director of WWL) and the rest of the Digital team in Hong Kong and China for their hard work over the past years and we wish them well for the future."
