HP 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."
