Eastman Kodak to acquire Scitex Digital Printing
Dec 15, 2003 12:00 PM, AP staff
Eastman Kodak Co. (Rochester, NY) has announced it will acquire the assets of Scitex Digital Printing (SDP) (Dayton, OH), a wholly owned U.S. subsidiary of Scitex Corp. (Tel Aviv, Israel), for $250 million in cash. The acquisition “quickly and effectively moves Kodak into the digital-printing space,” according to Daniel A. Carp, chairman and CEO of Eastman Kodak, who added that SDP’s technology complements Kodak’s existing technologies, including media, ink, printhead technology, workflow management and color-management science.
“The acquisition of Scitex Digital Printing is a prime example of how we intend to build upon inkjet technology developed on our own to build business in growing market segments. This is the first of several actions Kodak will take to expand our participation in the digital commercial printing industry,” says Carp.
For Scitex, the sale of SDP “realizes a considerable cash benefit,” says Kazem Samandari, vice president, global marketing and product management for SDP. “This allows Scitex to pay out a dividend to its shareholders, reinforce the financial position of the remaining companies of the group, and dispose of the necessary cash for possible future investments.”
Scitex continues to hold a majority shareholding in Scitex Vision (Aprion), which develops, sells and suppoerts wide-format drop-on-demand imaging devices. Scitex also has equity interests in a number of entities, including significant stakes in Jemtex Ink Jet Printing Ltd. and Objet Geometries Ltd.
Nachum “Homi” Shamir, president and CEO of Scitex Corp. and SDP, along with other key SDP executives, are expected to join Kodak after the completion of the acquisition. Shamir will report to James Langley, president, commercial printing, and senior vice president, Eastman Kodak. SDP, whose name is expected to change with the acquisition, will be operated as an independent subsidiary of Eastman Kodak. Headquarters will remain in Dayton.
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