SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULA 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
April 4, 2000
CREO PRODUCTS INC.
(Exact name of Registrant as specified in its charter)
3700 Gilmore Way
Burnaby, B.C. Canada V5G 4M1
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)
Form 20-F x Form 40-F
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(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
Yes No x
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FOR IMMEDIATE RELEASE
Creo and Scitex Close Transaction
Leader in Worldwide Digital Prepress Created
Vancouver, BC, CANADA (April 4, 2000) Creo Products Inc. (NASDAQ: CREO; TSE:
CRE) announced today the acquisition of the digital preprint and print-on demand
assets of Scitex Corporation Ltd. (NASDAQ: SCIX) in exchange for 13.25 million
Creo shares, valued at some US$ 551 million. As previously announced in January
2000, the close of this transaction officially merges the prepress operations of
Scitex with Creo's existing graphic arts operations. The resulting operating
division, called CreoScitex, will focus exclusively on technologies for the
graphic arts industry.
CreoScitex will capitalize on strong synergies in technology, products,
services, and distribution to create a leading provider of worldwide digital
prepress solutions. As the operating name for the entire graphic arts division
of Creo Products Inc., CreoScitex embodies for customers a proven history of
technological innovation and signals solid leadership in the digital
transformation of the graphic arts industry.
Immediately following the closing, Rimon Ben-Shaoul (Chairman of the Scitex
board) and Yoav Z. Chelouche (President and CEO of Scitex) were appointed to the
board of Creo Products Inc., joining seven existing Directors. Amos Michelson
(CEO of Creo Products Inc.) and Dan Gelbart (Corporate President of Creo
Products Inc.) continue in their roles. Mark Dance (Executive Vice-President of
Creo Products Inc.) leads the CreoScitex management team as President. Erez
Meltzer, formerly of Scitex, has assumed the role of Chief Operating Officer of
Creo Products Inc. and President of CreoScitex Corporation Ltd in Israel.
<PAGE>
Creo shares will continue to trade under the symbol CREO on NASDAQ and CRE on
the Toronto Stock Exchange. Creo will begin reporting the consolidated
CreoScitex operations as of April 1, 2000.
This release contains forward-looking statements within the meaning of the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995,
including statements with respect to the anticipated cost savings, synergies,
and other benefits of the transaction. These statements are based on
management's current expectations and beliefs and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements.
These risks and uncertainties include the following: (1) Creo and Heidelberger
Druckmaschinen A.G. are unable to reach agreement on any changes to their
current joint-venture agreement, which may be necessary in light of the
combination of Creo's business with the Scitex Business; (2) the expected
cost-savings and synergies cannot be fully realized or take significantly longer
to realize than expected; (3) revenues from the Scitex Business are lower than
expected or customer attrition and business disruption following the acquisition
are greater than expected; (4) the integration of the Scitex Business into
Creo's operations is more difficult, time-consuming or expensive than
anticipated, or the attrition rate of key employees of the combined business is
greater than expected; (5) technological changes or changes in the competitive
environment adversely affect the products, market share, revenues or margins of
the combined business; or (6) changes in general economic, financial or business
conditions adversely affect the combined business or the markets in which it
operates.
Creo and the Creo logo are registered trademarks of Creo Products Inc.
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