Agfa-Gevaert has signed an agreement to sell its nondestructive testing business to General Electric division GE Aircraft Engines. GE will pay $421.8 million (U.S.), according to a Reuters report.
The agreement covers all activities in nondestructive testing, with the exception of x-ray film production. The two companies have also signed a long-term supply agreement in which GE will become the exclusive provider of Agfa industrial x-ray film.
Agfa said it would use the proceeds from the sale to support its expansion strategy, with an eye on the firm's digital medical imaging and graphics businesses, according to the Reuters article. The Mortsel, Belgium-based company said it would also consider buying back some of its stock.
By AuntMinnie.com staff writersJanuary 21, 2003
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