Global Graphics to sell Hardware division

Global Graphics has signed a letter of intent to sell its Hardware division to Gary Jones, the division's chief operating officer.

Global Graphics chairman and chief executive Johan Volckaerts said there was a "steep decline" in demand for equipment from OEM customers in the last financial year, and that the group did not forecast any significant improvement in 2002.

"The Hardware division's ability to contribute to earnings per share remains a substantial financial risk," he added. "Consequently we we have taken the option to sell the entire Hardware division worldwide to eliminate that risk and any further potential loss to the company."

The deal is expected to be concluded before the end of April.