Company is "pursuing various strategic alternatives."?
Scitex Corporation Ltd. has announced that it is engaged in preliminary negotiations for the possible sale of its holdings in Scitex Vision Ltd., of which it holds 75.5% of the outstanding share capital.
"The proposed transaction is subject to a due diligence process, negotiation and execution of definitive agreements," says Scitex in a recent press release. "There is no assurance whatsoever that any transaction will result with respect to Scitex Vision or as to the terms, deal structure and the purchase price for Scitex Vision if a sale occurs. As previously announced by the company, Scitex has been pursuing various strategic alternatives, including a sale and an IPO, of its holdings."
Formerly the wide-format printing division of Scitex Corporation, Scitex Vision was spun off as Scitex Wide Format Printing Ltd. and later renamed. The company merged with Aprion Digital in January 2003. Scitex Vision is headquartered in Israel and has 460 employees around the world. For fiscal year 2004, Scitex Vision's revenues were $128.2 million, compared to $102.9 million in 2003, reflecting a 25% increase. Operating income was $9 million in 2004, compared to an operating loss of $8.3 million in 2003. Scitex Vision had net income of $4.7 million in 2004, compared to a net loss of $13.6 million in 2003.
Beyond Scitex Corporation, Scitex Vision's other shareholders include Ricoh Printing Systems, IBM, Toyo Ink, Clal Electronics, Discount Investments Corp, Hapoalim Nechasim (Menayot), Israel Infinity Venture Capital Funds, Optical Disc Decoration Ltd., and The Technology and Growth Funds.
Scitex Corporation also has investments in: Jemtex Inkjet Printing Ltd. (73.9%), Objet Geometries Ltd. (22.9%), RealTimeImage Ltd. (14.9%), and XMPiE (3.5%). (Scitex Vision: www.scitexvision.com, Scitex: www.scitex.com)