TEL AVIV, Israel, June 5 -- Scitex Corporation Ltd. announced today the sale of 3 million shares of Creo Inc. valued at approximately $24 million through the facilities of the Toronto Stock Exchange in an arranged sale to various financial institutions in Canada. Scitex continues to hold 3.25 million of the 6.25 million held immediately prior to the sale. Scitex originally acquired 13.25 million of Creo's shares in April 2000 in exchange for its digital preprint and print-on-demand assets, and sold 7 million of the shares in November 2001.
Yeoshua Agassi, Chief Executive Officer of Scitex, commented: "We will use the net proceeds from this transaction to improve our cash position, support our portfolio companies, pursue opportunities in our current digital printing markets, and for other general company purposes."
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.