The News General DM News Oce posts loss for the year but says Canon takeover is still 'on track'
12 January 2010
Printer, copier and document management firm Oce has posted a loss for the year as rival Canon moves to complete an acquisition of the company.
Oce said last year that it welcomed a takeover by Canon, although some significant Oce shareholders - representing around 15% of the company's stock - said they would hold out for a higher price for the company.
Now though, Oce has reported a slide in sales and fallen into the red at both the operating and net profit level. For 2009, Oce said sales dropped 9% to 2.648bn euros, as opposed to 2.909bn euros in 2008.
On the operating profit level the company slid by 61% and posted a 15m euros loss as opposed to a 46m euros profit in 2008. The company made a net loss of 47m euros, compared to a modest net profit of 4m euros in 2008.
Rokus van Iperen, Oce chairman, said, "Our revenues continued to decline in the fourth quarter as customers remained uncertain about the economic situation and sustained their efforts to reduce costs.
"We are on track with the implementation of our action programme related to job reductions and saving out-of-pocket expenses. In 2010, we anticipate that the markets will remain challenging."
On the proposed Canon takeover, Iperen said, "The transaction process is on track and all relevant anti-trust approvals have been obtained."
Last Updated (12 January 2010)
