NUR Macroprinters sells business to Hewlett-Packard

By Lisa Kerner

Charlotte, N.C., March 3 - Hewlett-Packard Co. completed its $118.4 million acquisition of NUR Macroprinters Ltd.'s business in a deal first announced in December.

NUR Macroprinters plans to use $21.7 million of the proceeds to repay loans to its lender banks.

Hewlett-Packard deposited $14.5 million in an escrow account, withholding $1.6 million until final calculation of NUR Macroprinters' cash position at closing.

An additional $1.5 million is being withheld in connection with Hewlett-Packard's acquisition of NUR Macroprinters' Belgium subsidiary.

David Reis, NUR Macroprinters president and chief executive officer, will remain as a consultant to Hewlett-Packard for up to six months.

According to a company news release, NUR Macroprinters' board will meet shortly to appoint a new CEO and to discuss the future directives for the company.

NUR Macroprinters, based in Lod, Israel, develops and manufactures wide-format inkjet printers for the printing industry.

Hewlett-Packard is a Palo Alto, Calif., computer, printing and imaging technology company.

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