Thomson changes name to Technicolor |

Thomson changes name to Technicolor

Shareholders of Grass Valley Group parent corporation Thomson SA on Wednesday approved the company’s restructuring plan and changed the parent company’s name to Technicolor.

According to spokeswoman Denise Williams, the name change will not affect Grass Valley Group.

Thomson will officially become Technicolor on Monday, Feb. 1, and trade on the New York Stock Exchange Euronext Paris under the symbol TCH.

The role of chairman and CEO also will be separated under a new executive structure when the company emerges from bankruptcy protection next month.

“We are delighted that shareholders have given their full backing to our restructuring plan,” said CEO and Chairman Frederic Rose in a prepared statement. “This is a new start for our group under the Technicolor brand.”

Technicolor has been part of the French-headquartered electronics and media conglomerate since 2001.

The French media giant put the Grass Valley and digital signage divisions up for sale in February 2009 when it also warned of breaching loan covenants. Reuters reported that Rose said at today’s shareholder meeting that the company was “still in talks about these asset sales.”

Grass Valley Group, now on Providence Mine Road in Nevada City, has been known as “The Group” since it was founded by Dr. Donald Hare on Grass Valley’s Litton Hill 50 years ago.

The group has pioneered many video-related technologies and is a world leader in high-definition video equipment used by the television broadcast industry. It holds at least 400 patents and has earned more than 20 Emmy Awards.

Thomson acquired Grass Valley Group in 2002.

To contact Staff Writer Liz Kellar, e-mail or call (530) 477-4229.

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