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TECHNICOLOR VIDEOCASSETTE INC. SIGNS CONTRACT TO PURCHASE OFFICE AND WAREHOUSE BUILDING

 TECHNICOLOR VIDEOCASSETTE INC. SIGNS CONTRACT
 TO PURCHASE OFFICE AND WAREHOUSE BUILDING
 NORTH HOLLYWOOD, Calif., June 11 /PRNewswire/ -- Technicolor Videocassette Inc. has signed a contract to purchase the Everest & Jennings facility at 3233 E. Mission Oaks Blvd. in Camarillo, Calif. The expected closing date of the sale is July 31, Emmet Murphy, president of Technicolor Videocassette Inc., announced today.
 The 484,000-square-foot office and warehouse building will become the headquarters for Technicolor's Video Group, Murphy said. More than 500 employees will be relocated from Technicolor's campus environment in Newbury Park, Calif., once the transaction is completed. The video duplication business continues to grow rapidly and it is contemplated that the Camarillo location will employ more than 700 people within the next two years, according to Murphy.
 Camarillo was competing for the site with Technicolor's other major manufacturing location in Livonia, Mich. Camarillo was selected because of the excellent location, cooperation of local, county and state officials and California's acknowledged reputation as the entertainment capital, Murphy concluded.
 While there are various contingencies to the transaction, Murphy indicated that because of an aggressive relocation plan, Technicolor or Everest & Jennings will seek expedited approval of the various contingencies, including plans, permits and zoning from the city and county.
 Technicolor is the world's largest theatrical film processor and video duplicator with locations in North Hollywood, Newbury Park, Livonia, New York, London, Rome and Holland.
 -0- 6/11/92
 /CONTACT: David R. Elliott of Technicolor, 818-505-5144/ CO: Technicolor Videocassette Inc.; Everest & Jennings ST: California IN: ENT SU: RLE


KJ-JL -- LA023 -- 9495 06/11/92 19:49 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
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