Scitex (SCIX)

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HP closes purchase of Scitex Vision for $230 million
02.11.2005 | 12:04
Ami Ginsburg

Hewlett Packard (NYSE:HWQ) yesterday closed the deal buying the Israeli company Scitex Vision.

The U.S. giant paid $230 million for Scitex Vision, which specializes in wide-formal digital printing technology.

The two companies signed the original agreement on August 11, 2005.

The Scitex Vision businesses acquired are principally located in the United States, Belgium, China, Israel, Mexico and South Africa, and are being integrated into HP's Imaging and Printing Group.

Scitex Corporation (Nasdaq:SCIX), the main shareholder in Scitex vision, owned 75% of its stock. Other beneficiaries of the transaction are IDB (TASE: IDBH) group companies Israel Discount Bank (TASE: DSCT) and Clal Industries and Investments (TASE: CII ), both as shareholders in Scitex and in Scitex Vision directly.

Wide-format printing relates to road signs and industrial applications such as billboards, banners, street advertising and packaging.

"This purchase accelerates HP's push into one of the most significant and fastest growing market opportunities: to digitize analog prints and gain market leadership in the graphics industry," commented Enrique Lores, vice president and general manager, Large Format Printing, Imaging and Printing Group, HP, in the company's statement. "Customers soon will start to see the benefits of access to a much wider range of products and services while continuing to enjoy the same high levels of service."

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