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Scitex Moves Key Executive to Scitex Digital Printing, IPO in the Works

Press release from the issuing company

February 14, 2002 - (WhatTheyThink.com) --- In January, Nachum "Homi" Shamir, CEO of Scitex Digital Printing, told the Dayton Business Journal he'd like to take the company public soon, boosting annual sales to about $1 billion within several years. Yesterday, Scitex Corporation announced that their CFO, Yossy Zylberberg, would move to Scitex Digital Printing Inc. (SDP) and join their management team as Chief Operating Officer. SDP develops, manufactures and distributes ultra high-speed digital color printing systems, and is a wholly owned subsidiary of Scitex Corporation. Sources say Zylberberg’s move will help SDP communicate better with the financial community in an effort to take the company public. The unit had double-digit growth in sales and earnings for the first three quarters of 2001. Shamir told the Dayton Business Journal last month that he wants to take the company public to dilute the size of the ownership stake the parent company has in Scitex Digital Printing, and to provide more research money to accelerate growth. Said Shamir, "If we can go raise money, we can probably triple the size of the business. If we can penetrate into becoming an offset alternative company, in a couple of years we can be a billion-dollar-per-year company instead of a couple of hundred million." In his new position at SDP's Dayton, Ohio headquarters, Yossy will oversee the operations of SDP's business units and serve as the liaison with strategic investors and Scitex Corporation. Yossy has served as Scitex Corporation's Chief Financial Officer for two years, and prior to that as Vice President Operations and CFO of Scitex America Corp. Before coming to Scitex, Yossy served as CFO of several public and private Israeli companies with significant international operations. Yesterday, Shamir commented on the appointment in a release sent to the media. "Yossy's business experience and familiarity with the digital printing business will allow us to accelerate our strategic business objectives for financial growth across our global markets and communicate our vision to the investment community. With the introduction of Business Color to our product portfolio, SDP is poised to become a major player in digital color printing, and Yossy will be an integral part of achieving that goal.''