There is no doubt that times are tough at present for suppliers to the graphic arts market. But for one of the industry’s major suppliers, Agfa, times appear particularly tough. It is not just shown in their recent financial results but also shown in public speculation and disagreements being played out in the financial markets. Recent announcements show that in the 4th quarter of 2007 Agfa recorded a net loss of €27 million. It is understood that there were a number of contributing factors to this loss. These included major increases in material costs in particular silver and aluminium, start-up losses in inkjet printing, and a decline in the healthcare and film businesses. The Agfa business is being restructured into a phased demerger in 2008 to three separate organizations, Graphics, Healthcare, and Speciality Products. This obviously brings up speculation of a possible selling off of one or more of these organizations.

Agfa is in the process of searching for a new Chairman to replace Ludo Verhoeven who stood down in November 2007 following the appointment of Jo Cornu the new CEO. The De Standaard daily newspaper indicated that Agfa-Gevaert NV had targeted Solvay SA chairman and chief executive Alois Michielsen and ex-Fortis NV chief executive Anton Van Rossum in its search for a new chairman. On March 7 however Agfa-Gevaert NV board of directors announced that it is to nominate Julien De Wilde as chairman following a group annual shareholders meeting on April 29. De Wilde has been an independent director of the board since April 2006. This shareholders meeting however looks like it may have more to consider than just the appointment of a new Chairman of the Board.

On March 18 according to a report in the Belgian financial daily newspaper De Tijd, quoting from unnamed sources, Agfa-Gevaert NV’s main shareholder, US investment fund Franklin, is to take action against the group's board of directors at the annual shareholders' meeting on April 29. Franklin has an 11% stake in Agfa, where 89% of the company’s shares are in free float. Other minority shareholders include Nordea, Classic Fund, Sparinvest and Pioneer, which together hold 30%. De Tijd indicates that Franklin is endeavouring to build support for its action from other minority shareholders