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Scitex downgrades

July 19, 2007

Scitex downgrades
Creo shareholding
Scitex has sold half of its remaining shares in Creo. These were obtained when Scitex merged its graphic arts business with the Vancouver-based workflow and computer-to-plate specialist three years ago. At that time it held 13.25 million Creo shares. With the sale of three million shares for approximately $24 million, the holding is down to 3.25 million. The shares have been placed with Canadian institutions.
Yeoshua Agass, CEO of the Tel Aviv-based company, says Scitex will use the money to improve its cash position, support its portfolio companies and look for opportunities in Scitex’s current digital printing markets.
Meanwhile, Creo’s decision to license its color trapping application to Microsoft Publisher gives a hike to the software giant’s move into the professional graphics world. The Creo-owned technology is intended to eliminate registration errors and is used in Prinergy and Brisque workflow applications.

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