Scitex Corporation (Nasdaq:SCIX) on Friday announced the sale of 7 million shares of Creo Products (Nasdaq:CREO, TSE:CRE) valued at about $78 million as part of a private placement to new and existing Canadian institutional investors.

Scitex continues to hold 6.25 million of the original 13.25 million Creo shares acquired in April 2000 in exchange for its digital preprint and print-on-demand assets.

"We will use the net proceeds from this transaction to improve our cash position and to pursue opportunities in our current markets. In addition, this sale will offer our shareholders a better balance in the Scitex investment portfolio," commented Yeoshua Agassi, chief executive officer of Scitex.