HP Completes $230 Million Acquisition of Scitex Vision
HP today announced that it has completed the acquisition of substantially all of the assets of Scitex Vision, a market leader in industrial wide-format digital printing, for $230 million from Scitex Corporation Ltd (Nasdaq: SCIX).
The acquisition agreement was originally signed on Aug. 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.
The acquisition has expanded HP's leadership in printing into the industrial wide-format category, which includes signage and industrial applications such as billboards, banners, street advertising and packaging. This strengthens HP's position as a one-stop partner for providers of print services with a product portfolio of large-format printers, digital presses and now industrial wide-format printers, providing a significant competitive advantage.
"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," said Enrique Lores, vice president and general manager, Large Format Printing, Imaging and Printing Group, HP. "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."
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended July 31, 2005, HP revenue totaled $85.2 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions. If such risks or uncertainties ever materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including expected benefits of the transaction; management plans relating to the transaction; statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2005, and other reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2004. HP assumes no obligation and does not intend to update these forward-looking statements.
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