Creo Acquires U.S. Printing Plate Manufacturing Facility

Vancouver, BC, CANADA (February 17, 2004) ? Creo Inc. (NASDAQ: CREO; TSX: CRE), today announced the acquisition of a printing plate manufacturing facility in Middleway, West Virginia from Spectratech International, Inc. Under the terms of the transaction, Creo acquires the assets of Spectratech for approximately US$13.3 million and working capital for approximately US$6.0 million. The assets include Spectratech?s current plate business, land, manufacturing equipment, factory and storage facilities while working capital consists of inventory and accounts receivable. Creo expects that the acquisition will be accretive to earnings by the end of this calendar year.

?We have achieved a major milestone with today?s acquisition,? stated Amos Michelson, Creo chief executive officer. ?Creo now has long-run negative plate technology with superior on-press performance that complements the strengths of the Creo Positive Thermal Plate (PTP). We also gain many new thermal plate customers most of whom already own Creo equipment.?

By |February 19th, 2004|News|Comments Off on Creo buys plate manufacturing in VA for $13.3M

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