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Agfa Rejects Sale of Consumer Imaging Unit To Schroder, Names New CEO

6/12/2001 12:48:00 PM Eastern

Mortsel, Germany - The Agfa-Gevaert Group announced yesterday that the negotiations with private equity specialist Schroder Ventures on a possible sale of its Consumer Imaging group have ended with no sale.

According to a statement released by Agfa, during negotiations with Schroder Ventures (which made an unsolicited offer earlier this year on the Agfa photo business) it became obvious that both parties' points of view were too far apart to reach an agreement.

The statement indicated that a point of contention was the transfer of the Agfa brand name and logo.

Amidst these negotiations, Agfa released CEO Klaus Seeger, citing differences on the company's future direction. Ludo Verhoeven, vice-chairman of the Executive Committee, will be presented as the new CEO and president of the Executive Committee of the Agfa-Gevaert Group to the Board of Directors on June 18, 2001.

At the same time, the appointment of Dr. Pol Bamelis as a new non executive director, will also be proposed to the Board.