The Rank Group is to sell Deluxe Film, its film processing and creative services business, to DX III Holdings Corporation, a subsidiary of MacAndrews & Forbes Holdings, for $750 million.
The proceeds of the sale will initially be used to reduce corporate borrowings.
The sale is conditional, amongst other things, upon obtaining clearances from the
The Deluxe businesses, Deluxe Film and Deluxe Media Services have been important parts of Rank, but in recent years the company has acknowledged that they did not fit with the company’s other activities. In September 2004, the company decided to separate both Deluxe Film and Deluxe Media from the rest of Rank.
Deluxe Film is a supplier of products and services to the motion picture industry. Deluxe Film’s activities are organised into two complementary activities, film processing and creative services. For the year ended
The sale of Deluxe Media Services still remains a priority for the Company.