Speculation over Scitex sale According to reports in the Israeli business press Scitex痴 holding company IDB has received an offer for the ink-jet printing specialist. A report in themarker.com claims that a non-Israeli investor is after Scitex Digital Printing (SDP), the firm痴 high-speed ink-jet over printer and press manufacturer.
Sources close to Scitex Digital Printing suggested that EFI or Xerox might be the firms making the offer. Both have a relationship with the firm, EFI to develop a front-end to drive its VersaMark digital colour press and Xerox to sell the VersaMark. No one from Scitex or IDB were available for comment.
There are changes at IDB that mean it is considering the options for Scitex, which has been singled out by IDB痴 recently appointed management as part of its cost-cutting measures. IDB holds almost 40% of Scitex痴 stock through its divisions Clal Industries & Investments and Discount Investment Corporation. Scitex・financial performance, particularly in its wide-format and ink-jet technology division Scitex Vision, has been poor.
SDP has been the group痴 cash cow. Write-downs on its holding in Creo have also been hitting its parent痴 profits, although Scitex recently sold half its remaining share of Creo leaving it with 6.6% of the pre-press giant. Scitex changed top management following the revamp at IDB. SDP president and chief executive Nachum Shamir now fills that role at Scitex as well having replaced Yeoshua Agassi last week. IDB staff have also taken up three positions on Scitex痴 board, including Discount Investment chief executive Ami Erel replacing former Clal chief executive Meir Shannie as chairman.