Press Release: AgfaPhoto North America Unaffected by Parent
Company’s Insolvency Filing
Ridgefield Park, N.J., June 2,
2005
– The North American operating
unit
of AgfaPhoto, the independent company
which has emerged from the Consumer Imaging division of the Agfa-Gevaert Group,
today announced that its financial position and business operations are
unaffected by the insolvency filing of its parent company, AgfaPhoto GmbH, in
Germany last week. AgfaPhoto North America is a separate legal entity from
AgfaPhoto GmbH.
“We are proceeding in
business-as-usual mode with no interruption in the delivery of products and
services to our steadily growing customer base,” said Bing Liem, president
and CEO of AgfaPhoto North America. “We will not
reduce
our commercial activities as a result
of our parent company’s change in status.”
Liem stated that the AgfaPhoto
organizations
in the United States, Canada and Mexico are solvent and have no plans to file
for bankruptcy. He added that all of the other AgfaPhoto sales organizations
worldwide are also solvent.
According to Liem, AgfaPhoto USA has
realized exceptional growth and success in 2005 and has strong prospects for
further growth in the retail marketplace -- including independent and chain
drug, supermarket, warehouse and club channels -- as well as its longstanding
customer base of independent photo dealers and professional photo labs.
“We are on track to achieve revenue growth of 20 percent over last year
--an increase that reflects our successful transition from analog to digital
product offerings,” Liem said.
To ensure continuity of its business
operations during restructuring, AgfaPhoto GmbH has
secured
interim financial support through the
distribution of funds by former parent company, the Agfa-Gevaert Group, to
AgfaPhoto
GmbH.
“These funds will enable us to continue serving our customers during our
parent company’s reorganization, which will result in a stronger, more
viable company,” Liem said.
About AgfaPhoto
AgfaPhoto develops, produces and markets
next-generation digital photofinishing products and services -- including its
popular Agfa d-lab image processing equipment -- that enable retailers and
professional labs to capture the growing digital photofinishing market. The
AgfaPhoto suite of in-store processing products and services meets the spectrum
of requirements for next-generation digital photofinishing, and enables
retailers to cost-effectively offer their customers a vast array of image
processing options, photo specialty products, as well as connectivity tools that
provide consumers with “anytime, anywhere” access to their images.
The growing AgfaPhoto product line includes all Agfa Film, Finishing
(photopapers and photochemicals), and Lab Equipment products and associated
services. AgfaPhoto is a privately held company with North American Operations
based in New Jersey; worldwide headquarters in Leverkusen, Germany; and a market
presence in every
continent.
Visit the
AgfaPhoto Web site at
www.agfaphoto.com
Posted: Thu - June 2, 2005 at 01:00 AM