Gretag Imaging sells unit to Dutch company
The imaging technology firm, Gretag Imaging has sold its professional imaging division to the Dutch company, Oce.
No financial details of the transaction were released. It allows the troubled Gretag Imaging to concentrate on its core business of Consumer Imaging.
The Professional Imaging Division has a strong market for display graphics and in 2000 had revenues of SFr173 million ($105 million). It employs 450 people.
In a statement, the company said the sale was necessary to help solve its financial solutions and was crucial for the success of negotiations with the banks.
But the firm's financial situation remains precarious, with debts mounting to around SFr270 million. As part of re-financing plans, the company is planning to issue 3.9 million new shares. The proposal will be discussed at an extraordinary general meeting next month.
Gretag Imaging has laid off around half of its workforce over the past 12 months. It now employs about 1300 people.
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