Hewlett-Packard acquiring Scitex Vision

Hewlett-Packard acquiring Scitex Vision

Printing giant Hewlett-Packard has announced plans to strengthen its computer printer unit by announcing plans to acquire large-format printer manufacturer Scitex Vision. The deal is worth $230 million and the move will bolster HP’s vital printer unit, which supplies most of the firm’s profits. This is also one of the most complicated business streams in the tech market with competition heating up massively.

Enrique Lores, HP’s vice president and general manager of large-format printing said in a statement released to the press: “Wide-format signage is one of the fastest growing opportunities in the market. Currently, 17 percent of printing in this area is done digitally, and we expect that to double within the next five years.”

The deal with Scitex calls for HP to acquire licensing rights to the Scitex name. They currently supply hardware for signage and industrial applications such as billboards, banners, street advertising, and packaging. Their Scitex large-format printers are quite popular in these markets with complicated printing requirement. The company had reported $142 million in revenue for the year ending June 30.

The company was founded by U.K. media tycoon Robert Maxwell with its headquarters in Israel.