HP To Acquire Scitex for $230 Million17 Aug, 2005
HP To Acquire Scitex for $230 Million
Hewlett-Packard has moved to strengthen its computer printer unit by agreeing to acquire large-format printer manufacturer Scitex Vision for $230 million. The move was announced last week.
"Wide-format signage is one of the fastest growing opportunities in the market," said Enrique Lores, HP's vice president and general manager of large-format printing, in a statement. "Currently, 17 percent of printing in this area is done digitally, and we expect that to double within the next five years."
The current management of Scitex said the deal with HP calls for HP to acquire licensing rights to the Scitex name. Scitex large-format printers are used for signage and industrial applications such as billboards, banners, street advertising, and packaging.
According to media reports, Scitex Vision reported $142 million in revenue for the year ending June 30. Scitex Vision, owned by Scitex Corp. Ltd. has its headquarters in Israel. Scitex was founded by U.K. media tycoon Robert Maxwell.