Das Werk To Acquire London-based Glassworks
Das Werk, a leading German provider of digital processing services, announced that it has signed a Letter of Intent to acquire a majority stake in Glassworks, a London digital effects studio which combines 3D computer-generated imaging with high-end compositing and special effects. In purchasing a share of Glassworks, Das Werk will further expand its international portfolio of post-production facilities and gain a hold in the high-profile London advertising and music video market. This move follows on the heels of Das Werk's acquisitions of the EnEfecto group, a leading Spanish post-production group, in June 2000, and the Los Angeles and London film production company, Promark Entertainment, in September 2000. "Our investment in Glassworks will give the Das Werk Group access to a fount of creative talent, particularly in the field of 3D animation, which is critical when it comes to realising highest quality digital content creation," said Joachim Sturmes, Das Werk's chief financial officer and speaker of the board. "As well as world-renowned 2D compositing and 3D animation talent, Glassworks brings to the partnership an in-depth experience in commercials and music video post-production." 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." The deal is scheduled to close in the early part of 2001.