Agfa will hold onto its consumer imaging operations after all. The Mortsel, Belgium-based firm has ended negotiations with private equity specialist Schroder Ventures for a possible sale of the unit.
London-based Schroder had made an unsolicited offer earlier this year for the consumer group, but both company's points of view were too far apart to reach an agreement after thorough negotiations, according to Agfa. The transfer of the Agfa brand name and logo was a sticking point.
The profitability of all Agfa units -- including the consumer imaging operations -- has improved significantly over the past few years as a result of restructuring measures that have already been implemented, according to the firm. Agfa said it intends to continue that process.
In other announcements, Agfa and CEO Klaus Seeger have decided to part ways, as Seeger's and the firm's vision for Agfa's future direction "no longer corresponded." Seeger will be replaced by Agfa executive committee vice chairman Ludo Verhoeven, who will assume the role of president and CEO.
Verhoeven joined Agfa in 1973, beginning in the research department. He has been a member of the board of management since 1997, and is the board spokesman for Agfa's graphic systems and technical imaging business groups, the NAFTA region, and for a number of Agfa central services, such as R&D, manufacturing, corporate venturing, and corporate environment.
Previous CEO Seeger had said earlier this year that funds from the sale of Agfa's consumer imaging unit would be used for medical acquisitions. The decision to keep those operations will apparently not affect those plans.
"If there were any acquisitions needed for our medical strategy, they will be able to be financed from alternate means," Agfa spokesperson Christian Vemeulen told AuntMinnie.com.
AuntMinnie.com staff writer
June 13, 2001
Related Reading
Agfa nets German PACS order, June 13, 2001
Imaging revenues lead the charge at Agfa, May 18, 2001
Agfa negotiating sale of consumer imaging business, April 20, 2001
Agfa acquires speech recognition firm Talk Technology, April 13, 2001
Agfa eyeing medical imaging acquisitions, April 3, 2001
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