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Agfa's logo. Click here to visit the Agfa website! Agfa Consumer Imaging sale falls through!
(Monday, June 11, 2001 - 15:56 EDT)

Talks abandoned as Agfa decides to retain its Consumer Imaging business...

Agfa-Gevaert N.V., which had been in talks with investment company Schroder Ventures as it considered selling its Consumer Imaging business, has today announced that the negotiations have been ceased. Difficulties apparently arose in relation to how to transfer the Agfa brand name and logo to Schroder whilst Agfa remained in business and using the same brand for its other divisions.

Agfa's Consumer Imaging division is responsible for scanners, digital cameras, ink-jet printer supplies, photo film and paper, and more... Had the deal been concluded successfully, Schroder would have taken over the Film, Finishing, Lab Equipment and Consumer Digital Imaging divisions along with their employees, production sites, and world-wide sales departments.

Agfa notes that Schroder's offer was unsolicited, and that Consumer Imaging's profitability has improved 'significantly' over the last few years, suggesting that the company is not looking to sell the division elsewhere and now intends to retain it.

The press release also noted a new CEO and President for the company, in the form of current Vice Chairman Ludo Verhoeven. Current CEO Klaus Seeger is leaving, the reason stated being that 'the points of view of the company and Klaus Seeger on [its] future strategy ... no longer corresponded'. The company also announced a proporsal to appoint Dr. Pol Bamelis as a new non executive director.

Source: Agfa-Gevaert N.V.

Original Source Press Release:

Agfa declines purchase offer for Consumer Imaging.

Agfa proceeds according to plan in all business activities.

Changes at the top of Agfa-Gevaert.

Mortsel, June 11, 2001 - The Agfa-Gevaert Group announced today that the negotiations with private equity specialist Schroder Ventures on a possible sale of its business group Consumer Imaging have ended.

After thorough 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. An important point of discussion was the transfer of the Agfa brand name and logo.

With regard to the future of the Business Group Consumer Imaging, Ludo Verhoeven explains: "The profitability of all Agfa-activities, and therefore also Consumer Imaging, has improved significantly over the past few years as a result of the restructuring measures that were taken. Agfa will continue this process in a coherent way."

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. As the points of view of the company and Klaus Seeger on the future strategy of the company no longer corresponded, Klaus Seeger and the Agfa-Gevaert Group intend to end their collaboration.

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

CV Dr. Ludo Verhoeven.

Dr. Ludo Verhoeven was born in Baarle-Hertog, Belgium in 1944. Currently Vice-President of the Board of Management, Dr. Verhoeven studied chemistry at the University of Leuven (Belgium) and took his doctorate at the same university. He also studied General Management at the University of Antwerp and at Insead, Fontainebleau (France).

He joined Agfa-Gevaert N.V. in Mortsel (Belgium) in 1973, beginning his professional career in the Research Department. From 1980 he worked in different fields in Mortsel, the USA (from 1985 till 1988) and Leverkusen, Germany (from 1993 till 1996).

He has been a Member of the Board of Management since 1997.

Dr. Verhoeven is the "Board Spokesman" for the Business Groups Graphic Systems and Technical Imaging, the NAFTA Region (USA, Canada & Mexico) and for a number of Central Services (R & D, Manufacturing, Corporate Venturing and Corporate Environment).

CV Dr. Pol Bamelis.

Pol Bamelis, who was born on May 31, 1939 in Kortrijk, Belgium, obtained his doctorate in chemistry from the Catholic University of Leuven in 1963. On March 1, 1965 he started his career with Bayer Leverkusen, where he first worked in the Central Scientific Laboratory. In 1976 he transferred to Bayer Antwerpen N.V.

On January, 1 1986 he was appointed General Manager of the Rubber business group at Bayer AG, Leverkusen and on November 1, 1989 he transferred to the Corporate Staff Division as head of Corporate Planning.

Dr. Pol Bamelis was a member of the Board of Management of Bayer AG since May 1, 1999 until April 2001. He was Chairman of the Board Committee for Research and Development and a member of the Board Committee for Technology and Environment. He was also the representative for the Agriculture business segment of Bayer and the Agfa-Gevaert Group when the group was still part of the Bayer-concern.

About Agfa.

The Agfa Group headquartered in Mortsel, Belgium ranks among the world's leading imaging companies. Agfa develops, produces and markets analog and digital systems, primarily for the graphics industry, medical imaging, non-destructive testing, micrographics, motion picture film and consumer imaging and photography markets. Agfa employs about 22,000 people in 40 countries, and has 120 agents throughout the world. Together, they achieved a turnover of 5,260 million Euro in 2000.

Product and company information can be found on Agfa's home page on the World Wide Web at: www.agfa.com

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