AgfaPhoto files for bankruptcy

05/27/05 - newratings.com

LONDON, May 27 (newratings.com) – Film and disposable camera manufacturer AgfaPhoto GmbH has filed for bankruptcy on Friday. The company’s sales have been hit hard by the boom in the digital photography segment.

AgfaPhoto has 2,400 employees worldwide, 1,800 of them in Germany. AgfaPhoto was sold by the Belgian group, Agfa-Gevaert, to a consortium of investors and management executives in November 2004 for €175.5 million ($219 million). The Belgian group had agreed to provide AgfaPhoto with distribution, order fulfillment, after sales and other services until the end of 2005. Agfa Gevaert said that it does not expect the insolvency filing of AgfaPhoto to have a material impact on its own business.