Scitex Vision produces wide and super-wide format
printers for signs and industrial applications,
such as billboards, banners, street advertising
and packaging.
Scitex currently owns approximately 77.1% of Scitex Vision's share capital
and each of its principal shareholders, Clal
Electronics Industries Ltd. and Discount
Investment Corporation Ltd., holds 7.2% of Scitex
Vision's share capital.
Under the terms of the agreement, HP will pay
approximately $230 million in cash to Scitex
Vision, and an additional $24.5 million will be
utilized to repay Scitex Vision's liabilities,
mainly to Israeli banks.
Scitex currently estimates that it will recognize
a capital gain in its financial statements of
approximately $75-95 million.
Scitex (Nasdaq: SCIX; TASE: SCIX) announced that
Hewlett-Packard (HP) (NYSE: HPQ , Nasdaq: HPQ)
would buy the assets and business of its
majority-owned subsidiary Scitex Vision for
$230m.in cash.