Scitex Signs Terms of Agreement to Merge Scitex Vision and Aprion Digital
Wednesday, November 06, 2002
TEL AVIV, Israel, Nov. 5 -- Scitex Corporation Ltd., a world leader in industrial inkjet digital printing solutions, today announced that Ken Levy, Chairman of Aprion Digital Ltd. and Yeoshua Agassi, President and CEO of Scitex Corporation Ltd. and Chairman of Scitex Vision Ltd., have reached a Summary of Terms agreement to merge Scitex Vision Ltd. and Aprion Digital Ltd. Scitex Vision, a wholly-owned subsidiary of Scitex Corporation with headquarters in Herzlia, Israel, is a leading developer, manufacturer and service provider of wide and super-wide format digital printing systems and consumables. Aprion, a company based in Netanya, Israel, in which Scitex holds 43%, is a developer, manufacturer and service provider of Drop-On-Demand inkjet technologies and systems for a variety of industrial, end user, digital printing applications. Aprion's first commercial applications are in the corrugated packaging and wide format printing markets. The merger will be on an approximate one to one basis. The capital structure of the merged entity will be strengthened, including by infusion of additional funds by Scitex. The merger is subject to the conclusion of due diligence, regulatory approvals and definitive agreements. It is the intent of the parties to complete the transaction by year-end. Dr. Michael (Miki) Nagler, President and CEO of Aprion commented on the merger: "Joining forces with Scitex Vision will substantially expedite the rate of penetration of our products to the market. Together, we will create a leading, fast growing powerhouse of industrial inkjet solutions. Our merged company, which will operate under a new name, will continue the current product lines and market initiatives of both companies." Dov Ofer, President and CEO of Scitex Vision added: "The merger matches the customer facing strength of Scitex Vision and the stability of its ongoing business, with the new business opportunities generated by Aprion's unique products and technology assets. The merger will ensure our continued ability to bring breakthrough solutions to our customers and accelerate the rate of digital technology adoption in more and more market segments. The new company will be based on the complementary skills and dedication of our employees and partners." Dov Ofer will head the merged company as its President and CEO. Ken Levy and Dr. Miki Nagler will serve on the Board of Directors of the merged company as Chairman and Vice-Chairman, respectively.