TECHNOLOGY - March 2, 1992
From Times Staff and Wire Reports
International Paper to Buy 11% of Scitex: According to a memorandum of understanding, Purchase, N.Y.-based IP will pay a total of $209 million for 4.75 million newly issued Scitex Corp. Ltd. of Israel shares at $44 per share. According to a memorandum, Scitex--whose major shareholders are Israel Discount Bank and the Clal conglomerate--reported a net profit of $100.6 million for 1991 against $76.8 million in 1990. Based in the Tel Aviv suburb of Herzliya, Scitex specializes in computer graphic systems for publishing houses. It has subsidiaries in North America, Europe and Japan.
