Agfa CEO steps down, reports earnings rise

Cornu will retain a position on the company’s board after over two years in the top job, with company chairman Julien De Wilde acknowledging that Cornu was forced to operate “under very difficult circumstances”.

“He has lead Agfa-Gevaert through the economic crisis and has put the company back on track,” De Wilde said. “Agfa-Gevaert now has a strong management team, a clear strategy, a better cost structure and a significantly lower level of debt.”

Meanwhile, Agfa Graphics reported preliminary 2009 fourth quarter sales of €356m (A$554m), a year-on year decline of 6.8%. This decline was weaker than previous quarters due to what the company described as a “recovery of the graphic markets”, as well as its decision to shift part of its film business from its Specialty Products division to Agfa Graphics.

Agfa Graphics’ earnings before tax are expected to be approximately €30m (A$47m), up 66% from €18m in the fourth quarter of 2008.

Cornu said: “We are obviously pleased with these results, which we achieved in full economic crisis. In the fourth quarter of 2009, we have taken full benefit of the efforts of the past two years to reduce costs and improve operational efficiency.

“In Agfa Graphics, we are noticing a recovery of the market, which declined up to 20 percent at the peak of the economic crisis,” he added.

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