Hewlett-Packard is to acquire the assets and business of Scitex Vision from the Scitex Corp for $230M. Scitex Vision is a leading supplier of wide and super-wide format printers for signage and industrial applications, including packaging. Headquartered in Netanya, Israel, the company had revenue of $142M for the year ending June 30, 2005. Its principal subsidiaries are located in the US, Belgium, China, Mexico and South Africa.
Dov Ofer, ceo of Scitex Vision, says: "Our customers will benefit from access to a wider range of products and services; our technology will reach a broader audience; and employees will enjoy professional opportunities as the business grows within a leading global organization."
The transaction, subject to the required approvals and conditions, is expected to close within 90 days. Scitex Corp will license its rights to the 'Scitex' trade name to HP, and it has agreed, subject to shareholder approval, to change its corporate name.
"The purchase of this business will further accelerate our push into the rapidly growing digital printing market," says Enrique Lores, HP's vp and general manager, large format business. "Wide-format signage is one of the fastest growing opportunities in the market."
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