Annual Report 2002 - Agfa

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
On January 20, 2003 the Group announced that it will divest its business group
‘Non-Destructive Testing’ to GE Aircraft Engines, a division of General Electric
Company (USA) for a price of 405 million Euros. The agreement will become
effective after approval by the regulatory authorities.
The agreement concerns all Agfa’s activities in the field of Non-Destructive Testing,
with the exception of the production of X-Ray film, for which the Group and General
Electric have concluded a long-term supply agreement according to which General
Electric will become the exclusive provider of Agfa industrial X-Ray film.
After taking account of liabilities and non-transferred assets, it is expected that the
divestiture will generate cash proceeds of 304 million Euros and will result in a
pre-tax gain of 216 million Euros (148 million Euros after tax). The transaction is
expected to be completed in the second quarter of 2003.
28. Events subsequent to
the balance sheet date
Agfa annual report 2002
88