17 Sep 2021

Agfa announces successful closing of recent Gandi Innovations and Insight Agents acquisitions


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Agfa has successfully finalised the recent acquisitions, announced in November 2009.

The Agfa Graphics business group acquired most of the assets of Gandi Innovations Holdings LLC's North American operations and the shares of its principal foreign subsidiaries. Gandi Innovations is a global leader in large format inkjet systems.

The Agfa HealthCare business group acquired Insight Agents GmbH., a European developer and producer of contrast media.


Xerox acquires Irish Business Systems

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Deal with Ireland's largest digital imaging and printing solutions company increases Xerox's European distribution

Norwalk, Conn. - Xerox Corporation today announced the acquisition of Irish Business Systems (IBS), for approximately $31 million, expanding its reach into the small and mid-sized business (SMB) market in Ireland. IBS, with eight offices located throughout Ireland, is a managed print services provider and the largest independent supplier of digital imaging and printing solutions in Ireland.

By acquiring Irish Business Systems, Xerox will increase its sales force and gain access to more than 11,000 new customers in Ireland. Over the last two years, Xerox has expanded its distribution to the SMB market and managed print services delivery capability through acquisitions and broadened relationships with resellers and concessionaires in Europe.

IBS will sell the full range of Xerox office and light production products and supplies, including all Phaser, WorkCentre and the ColorQube 9200 Series of multifunction printers that print, copy, fax and scan.

"With this acquisition, Xerox will increase its presence in all parts of Ireland," said Douraid Zaghouani, senior vice president, European Channels Group, Xerox Europe. "IBS is a strong office technology and managed print services provider in Ireland. Their extensive distribution and customer support complement the benefits of Xerox's technology and solutions."

IBS will operate as a wholly owned subsidiary of Xerox, will maintain its name and keep its headquarters in Cork, Republic of Ireland. Its management team and employees will continue to operate as part of IBS. The acquisition, Xerox's 8th in the past two years, is an all-cash transaction.

Xerox currently employs over 700 people in the Republic of Ireland and Northern Ireland, in Dublin, Belfast and Dundalk, who are engaged in manufacturing, technical support, finance and treasury and sales and marketing activities.

Canon aids earthquake relief efforts in Haiti

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On January 12, a powerful earthquake struck the Republic of Haiti, causing extensive destruction and loss of life. We at Canon extend our heartfelt condolences to all those affected by this disaster and our thoughts go out to those suffering in its aftermath.

While we realise that the road to recovery will be challenging and time-consuming, we hope that the region will soon be able to begin the rebuilding and healing process.

The Canon Group is contributing in the relief efforts for victims of the earthquake through donations to the Japanese Red Cross Society and other humanitarian aid organizations totaling 20 million yen (approximately GBP £140,000).

Canon bid for Oce may be in Jeopardy say Bloomberg

Canon logo

Bloomberg have today reported that Canon Inc.’s $1.1 billion bid for Oce NV may be in jeopardy after holders of 13 percent of the Dutch company said they won’t tender their shares and a group representing about 200 investors said the offer was too low.

Hermes Focus Asset Management Ltd., with 3.3 percent, said on Jan. 11 it won’t tender its shares, calling the Canon offer “meager.” Orbis Funds, with about 10 percent of Oce, in November rejected Canon’s bid. Investor group VEB, which represented 211 shareholders with about 0.003 percent of Oce at its last shareholders meeting, judged the bid too low.

Tokyo-based Canon, the world’s largest camera maker, may have to raise its offer or lower its minimum threshold to below 85 percent of Oce’s outstanding shares to see the deal through should more investors oppose it. With the takeover, Canon is seeking to expand its printer operations and widen its lead in the global market for office equipment.

“If Canon’s determination for completion of the transaction is strong, it’s possible the company will add some premium after discussing with Oce’s investors,” said Hisashi Moriyama, a Tokyo-based analyst at JPMorgan Chase & Co. “On the other hand, Canon could drop the plan, if the company judges adding premiums isn’t merited.”

Canon in November agreed to buy Oce, the world’s largest maker of wide-format printers, for about 730 million euros ($1.1 billion) in cash. The company said Nov. 16 it would pay 8.60 euros a share, or 70 percent higher than Venlo, Netherlands- based Oce’s last closing price.


‘Not in a Hurry’

“We believe we are offering an adequate price,” Ichisei Hanada, a spokesman for Canon, said yesterday. “There’s no change to our plan to start the offer by March 31,” he said. Canon hasn’t received letters from investors similar to those from Hermes and Orbis, he said.

Oce, which yesterday reported a fourth-quarter net loss of 23 million euros, fell 0.02 percent in Amsterdam yesterday to 8.59 euros, close to the Canon offer price.

“Looking at the share price, investors are not anticipating the bid will be raised,” said Niels de Zwart, an Amsterdam-based analyst at Fortis Bank Nederland. “The market seems to think: This bid will go ahead at 8.60 euros, no matter what these shareholders are saying.”

Since Canon has indicated that it will largely let Oce operate on a stand-alone basis in the first three years, it “may not be in a hurry to get 100 percent of the shares,” said De Zwart, who has a “sell” rating on Oce.

He said it is unlikely Canon will withdraw its bid entirely. “Canon aims to become the number 1 in printing and to get there, they need Oce.”


Canon Supporters

The deal would be Canon’s biggest purchase, giving it control of the world’s largest maker of machines that make blueprints and advertising posters. Ricoh Co., Japan’s second- biggest maker of office equipment, in 2008 agreed to buy Malvern, Pennsylvania-based Ikon Office Solutions Inc.

Canon’s offer was 1.2 times Oce’s projected book value per share for the year ending November, according to the average of six analyst estimates. That was in line with projected multiples at office equipment makers such as Xerox Corp. and Brother Industries Ltd.

Ducatus NV, ASR Nederland NV and ING Groep NV, which hold about 19 percent of Oce’s share capital, have agreed to sell their stakes to Canon, Oce said Nov. 16. Bestinver Gestion SA, holder of about 9.5 percent of the outstanding stock, provided an irrevocable undertaking to tender. Canon said on Dec. 1 that it held 25.3 percent of Oce’s ordinary shares.



Pictet & Cie, Sparinvest funds and Stichting Pensioenfonds ABP, which own about 5 percent each of Oce, according to Bloomberg data, declined to comment on whether they plan to tender their shares.

The Dutch shareholder association VEB said the price doesn’t fully reflect the savings that can be expected when Oce operates within a stronger group.

“Oce was negotiating from a position of weakness,” David Tomic, a spokesman for VEB, said in a telephone interview yesterday. “That makes it unlikely that a good price was offered.”

Orbis Funds, the Bermuda-based manager of $20 billion in assets that challenged Warren Buffett’s bid for Clayton Homes Inc. in 2003 and led investors in pressuring Citigroup Inc. to raise its offer for Nikko Cordial Corp., in November rejected Canon’s bid. The fund said Canon’s offer “significantly undervalues” Oce’s assets.


No Counterbid

Hermes this week said Canon’s indicative bid was “a meager representation of the true value of Oce, when profitability potential and the depressed share price are put into a proper perspective.”

“Following integration with Canon, and with profitability in line with industry standards, the company’s equity would indicatively be worth some 75 percent more than the offer price,” Hermes said.

Oce’s management said it still supports the takeover.

Fortis’s De Zwart said it’s unlikely there will be a counter offer for Oce.

“A bidding war is unlikely as other potential buyers already indicated they are not interested,” he said. Konica Minolta Holdings Inc., the Japanese lens and office-equipment maker, on Nov. 17 said it had no plan to counter Canon’s offer.

Oce reports net loss of €23 million in the fourth quarter


Oce logo

Oce reports net loss of €23 million in the fourth quarter

Action program on track


Highlights fourth quarter:


  • Market development continued to affect printing industry strongly
  • Revenues € 683 million (-11% organically)
  • Normalized operating income € 16 million
  • Restructuring costs € 27 million
  • Net loss € 23 million



Highlights full year:


  • Free cash flow € 82 million
  • Cost-cutting measures delivered results (€ 154 million)



Comments by Rokus van Iperen, Chairman of the Board of Executive Directors: "Our revenues continued to decline in the fourth quarter as customers remained uncertain about the economic situation and sustained their efforts to reduce costs. Towards the end of the year, we saw some bottoming out in the sales of continuous feed systems in the United States.

We are on track with the implementation of our action program related to job reductions and saving out-of-pocket expenses. Although we have spent a significant amount on restructuring, we improved our cash flow by further reducing inventories and trade receivables. Our net debt developed positively for the third consecutive quarter.

In 2010, we anticipate that the markets will remain challenging. In order to further strengthen our competitive position and drive sales under difficult market conditions, we will continue to introduce innovative products.

The fourth quarter was marked by the important announcement of Canon’s intended recommended offer for Océ, which is aimed at creating the global leader in the consolidating printing industry. In the meantime, the transaction process is on track and all relevant anti-trust approvals have been obtained."





The Financial Big Hitters of the Large Format Print Industry aka The 2009 LFR Rich List

LFR 2009 Rich List

We put this list together following an informal discussion here at LFR HQ about who the real big players in the LFP market were, who might buy who (when we eventually pull out of recession, and our market continues to be shaped by acquisition and merger), this in turn led to us looking for stats on turnover, profit etc,.

We thought that the chart we ended up with was interesting and topical enough to make it worthy of publication here on LFR - we can only hope that you agree.

Listed below are the publicly traded companies involved directly (or through subsidiaries) in the large format digital print marketplace.

The uppermost list shows those listed in the Forbes Global 2000, with their current rank, whilst the list below shows some of the other big players, who are important through either financial size or their market presence. All figures are in $ USD Billions.

The Forbes Global 2000 is a comprehensive list of the world's biggest and most powerful companies, as measured by a composite ranking for sales, profits, assets, and market value.







Market Value


























Fujifilm Holdings


















Konica Minolta






DIC (Sun Chemical)






Seiko Epson






Eastman Kodak






Avery Dennison












Sequana (Antalis)






Paperlinx (RHG)






AGFA Gevaert












Bemis (MACtac)






Toyo Ink






Sakata (INX)












Gerber Scientific






Roland DG Corp


















All figures are in $ USD Billions.

Sources: Forbes Global 2000 list for 2009, Financial Times Market Data. E&OE.