Hewlett-Packard Co. Friday announced that it plans to acquire Scitex Vision Ltd. in a move that will expand HP's large-format printing business.
Scitex Vision, in Netanya, Israel, is a maker of wide and super-wide format printers for industrial applications and signs, such as billboards and banners. HP will purchase the printer maker for US$230 million.
"The acquisition complements HP's existing product portfolio of large-format printers and HP digital presses," HP said in the statement.
Scitex Vision had revenue of US$142 million for the one-year period that ended on June 30, HP said. The company has principal subsidiaries in the U.S., Belgium, China, Mexico and South Africa, in addition to presences in 75 more countries, it said.
Wide-format printing is one of the fastest growing segments of the printing market and acquiring Scitex Vision will give HP access to its proprietary print head technology, HP said. As part of the deal, HP will receive a license to use the Scitex brand name from Scitex Corp. Ltd., Scitex Vision's parent company.
HP expects to close the acquisition of Scitex Vision within 90 days, at which point it will be rolled into the company's Imaging and Printing Group, it said.