from http://www.agfaphoto.com
AgfaPhoto starts up
Pressrelease
Transfer from the Agfa-Gevaert group concluded as planned
Leverkusen, 3rd November 2004 AgfaPhoto, the new independent company in the world of digital and analog photography, has started its worldwide business operations as planned at the beginning of November 2004. This concludes the transfer of the previous Consumer Imaging (CI) business group of the Agfa-Gevaert group to an independent company with new owners. The turnover of the CI business group last year amounted to 870 million. The new company will continue with the previous business units Film/Consumer Products, Finishing and Lab Equipment and further develop them.
AgfaPhoto has taken over the complete assets of the old Agfa CI business group, including all production plant, patents and technological know-how, inventory and accounts receivable, etc.
Financially the new company has an excellent basis: the share capital ratio is over 40 percent. AgfaPhoto`s liability for pensions is limited to the current employees. In addition the new, leaner structure will result in a double-digit fall in annual overhead costs (in million Euro).
A total workforce of about 2,900 persons, of whom approximately 2,275 are based in Germany, is being transferred from Agfa-Gevaert to AgfaPhoto. AgfaPhoto has subsidiaries in more than 30 countries around the world and thus continues to have worldwide activities. The company presence in Germany consists of sites in Leverkusen, Cologne, Munich, Gera, Peiting, Rottenburg/Laaber, Vaihingen/Enz and Windhagen.
The main operating entity of the group is AgfaPhoto GmbH, Leverkusen, a 100 percent subsidiary of AgfaPhoto Holding GmbH, also based in Leverkusen. The principal owner with a 55 percent shareholding is NannO Beteiligungsholding GmbH, Munich. With a combined holding of 25 percent eight members of AgfaPhoto management are also owners, led by the chairman of the management board of AgfaPhoto GmbH, Eddy Rottie, who previously headed the Consumer Imaging business group. Two private equity companies, Highfields Capital and Abrams Capital, both of Boston, hold 10 percent each.
Alongside the chairman Eddy Rottie, the managing directors are Marc M. Bamberger (Finance) and Ingbert Schmitz (Marketing & Sales).
AgfaPhoto is world market leader in equipment for wholesale photo labs and private label films, and is one of the world´s four largest suppliers of minilabs, photographic papers and photochemicals.
Although films and consumer products have an important role at AgfaPhoto, the development, production and marketing of lab equipment, software and consumables for the production of photo prints on photographic paper are at the centre of the company´s business activities. This applies equally to images captured by digital and analog means, to minilabs ("One-Hour Labs") and wholesale photo labs operating on an industrial scale. AgfaPhoto anticipates good market opportunities in this field in the future, as the boom in digital photography also leads to high demand for systems to make "real photos" from digital shots.
AgfaPhoto´s wide-ranging know-how in image editing software, high-precision coating technologies, the production of specialist chemicals etc. as well as the company name, which is new but with the element "Agfa" nevertheless well-known, furthermore enable the company to expand its product range in various directions.
"Out of a corporate division has emerged AgfaPhoto, with global operations and the character of a medium size company. This means greater freedom of action, more flexibility and shorter decision-making processes. We have a committed, highly-qualified workforce and a broad know-how which includes software and hardware as well as the complete spectrum of photo-chemistry. With AgfaPhoto we are therefore well equipped to master the challenges that lie ahead of us. And that means above all: we intend to exploit all the opportunities open to us and improve the profitability of AgfaPhoto", commented Eddy Rottie, chairman of the management board of AgfaPhoto GmbH.
Dr. Hartmut Emans, managing director of the main shareholder Nanno Beteiligungsholding GmbH added: "AgfaPhoto has an excellent starting position and possesses very high potential to develop further. I therefore see the Nanno shareholding as a long-term investment."
Contact:
AgfaPhoto GmbH
Corporate Communication
Dr. Hartmut Hilden
Tel.: +49 (0)221-98544-3671
hartmut.hilden@agfaphoto.com
AgfaPhoto starts up
Pressrelease
Transfer from the Agfa-Gevaert group concluded as planned
Leverkusen, 3rd November 2004 AgfaPhoto, the new independent company in the world of digital and analog photography, has started its worldwide business operations as planned at the beginning of November 2004. This concludes the transfer of the previous Consumer Imaging (CI) business group of the Agfa-Gevaert group to an independent company with new owners. The turnover of the CI business group last year amounted to 870 million. The new company will continue with the previous business units Film/Consumer Products, Finishing and Lab Equipment and further develop them.
AgfaPhoto has taken over the complete assets of the old Agfa CI business group, including all production plant, patents and technological know-how, inventory and accounts receivable, etc.
Financially the new company has an excellent basis: the share capital ratio is over 40 percent. AgfaPhoto`s liability for pensions is limited to the current employees. In addition the new, leaner structure will result in a double-digit fall in annual overhead costs (in million Euro).
A total workforce of about 2,900 persons, of whom approximately 2,275 are based in Germany, is being transferred from Agfa-Gevaert to AgfaPhoto. AgfaPhoto has subsidiaries in more than 30 countries around the world and thus continues to have worldwide activities. The company presence in Germany consists of sites in Leverkusen, Cologne, Munich, Gera, Peiting, Rottenburg/Laaber, Vaihingen/Enz and Windhagen.
The main operating entity of the group is AgfaPhoto GmbH, Leverkusen, a 100 percent subsidiary of AgfaPhoto Holding GmbH, also based in Leverkusen. The principal owner with a 55 percent shareholding is NannO Beteiligungsholding GmbH, Munich. With a combined holding of 25 percent eight members of AgfaPhoto management are also owners, led by the chairman of the management board of AgfaPhoto GmbH, Eddy Rottie, who previously headed the Consumer Imaging business group. Two private equity companies, Highfields Capital and Abrams Capital, both of Boston, hold 10 percent each.
Alongside the chairman Eddy Rottie, the managing directors are Marc M. Bamberger (Finance) and Ingbert Schmitz (Marketing & Sales).
AgfaPhoto is world market leader in equipment for wholesale photo labs and private label films, and is one of the world´s four largest suppliers of minilabs, photographic papers and photochemicals.
Although films and consumer products have an important role at AgfaPhoto, the development, production and marketing of lab equipment, software and consumables for the production of photo prints on photographic paper are at the centre of the company´s business activities. This applies equally to images captured by digital and analog means, to minilabs ("One-Hour Labs") and wholesale photo labs operating on an industrial scale. AgfaPhoto anticipates good market opportunities in this field in the future, as the boom in digital photography also leads to high demand for systems to make "real photos" from digital shots.
AgfaPhoto´s wide-ranging know-how in image editing software, high-precision coating technologies, the production of specialist chemicals etc. as well as the company name, which is new but with the element "Agfa" nevertheless well-known, furthermore enable the company to expand its product range in various directions.
"Out of a corporate division has emerged AgfaPhoto, with global operations and the character of a medium size company. This means greater freedom of action, more flexibility and shorter decision-making processes. We have a committed, highly-qualified workforce and a broad know-how which includes software and hardware as well as the complete spectrum of photo-chemistry. With AgfaPhoto we are therefore well equipped to master the challenges that lie ahead of us. And that means above all: we intend to exploit all the opportunities open to us and improve the profitability of AgfaPhoto", commented Eddy Rottie, chairman of the management board of AgfaPhoto GmbH.
Dr. Hartmut Emans, managing director of the main shareholder Nanno Beteiligungsholding GmbH added: "AgfaPhoto has an excellent starting position and possesses very high potential to develop further. I therefore see the Nanno shareholding as a long-term investment."
Contact:
AgfaPhoto GmbH
Corporate Communication
Dr. Hartmut Hilden
Tel.: +49 (0)221-98544-3671
hartmut.hilden@agfaphoto.com
