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Scitex Vision Completes the Sale of its Business to HP

Press release from the issuing company

TEL AVIV, Israel, November 1 -- Scitex Corporation Ltd. announced today the closing of the previously announced sale of the business of Scitex Vision Ltd., a majority-owned subsidiary of Scitex and a market leader in wide and super-wide format printers for industrial applications, to Hewlett-Packard Company (HP). Under the terms of the agreement, HP paid approximately $230 million in cash to Scitex Vision, of which $24 million will be retained in escrow for 24 months to cover possible indemnification claims and an additional approximately $27 million will be utilized to repay Scitex Vision's retained liabilities, mainly to Israeli banks. In addition, Scitex Corporation has agreed to license its rights to the "Scitex" tradename to HP, and will, subject to shareholder approval, change its corporate name. Scitex Corporation shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX".