DAS WERK TO AQUIRE SOHO FACILITY GLASSWORKS

GERMAN company Das Werk have announced that they have signed a Letter of Intent to acquire a majority stake in Soho facility Glassworks.
Das Werk maintain the deal will prove beneficial to both companies, with Glassworks able to access a network of creative services and talent across the Das Werk group of companies in Europe, including production, film distribution, post-production and software development.
The investment will also allow Glassworks to continue to mature as one of Europe's leading creative post-production facilities, and provide support for the company to continue to diversify into other areas of creative work.
Hector Macleod, Glassworks' Managing Director, said: "Das Werk is a company with global activities and the right mix of competencies to attract the level of work we wish to be involved in. With this agreement Glassworks will become an integral part of the Das Werk network and can become one of our industry's major players."
In purchasing a share of Glassworks, Das Werk will further expand their international portfolio of post-production facilities and tap into the high profile advertising and music video sector in London.
The proposed purchase of their first UK outpost follows on from Das Werk's investment in the EnEfecto group, a leading Spanish post-production group, in June this year.
Since then, the company has established a new facility in Switzerland, Das Werk Zurich, and have also announced a joint venture in Rotterdam.
In September 2000, Das Werk announced that it was acquiring 73 percent of Los Angeles and London based film production-company, Promark Entertainment.