The original holding at Creo was evaluated at the time at $640 million shrunk by 65% to approximately $223M. In addition, Scitex pulled out and wrote off investments in Vio, Karat and PrintLife.
(July 22, 2001) The Scitex Corporation (Nasdaq:SCIX) is in preliminary talks to sell its 27% stake in Creo Products (Nasdaq, CREO, TSE:CRE) to press manufacturer Heidelberg Druckmaschinen, reports the Yedioth Ahronoth newspaper. The paper adds that should the deal not take place, Scitex could consider spinning off its Creo holdings to the firm’s shareholders. Sources close to the Scitex management told the paper that at present the contacts have not matured into an agreement. Scitex’s decision to sell its stake in Creo is part of its reorganization, in which it plans to focus on the digital print business. For Hebrew article at the Yedioth Ahronoth newspaper click on http://www.yedioth.co.il/articles/0,7340,L-941508,FF.html .
The original holding at Creo was evaluated at the time at $640 million, but the steep Nasdaq decline affected the printing companies’ shares also, and the value shrunk by 65% to approximately $223M. In addition, Scitex pulled out and wrote off investments in Vio, Karat and PrintLife.