Agfa Gevaert to be cut in three pieces

This action is made to save costs and the company said it expected to economize about 250 million euros (315 million dollars) annually by 2008 from splitting up. "This structure will give each business the maximum flexibility to implement its growth strategy and to further reduce costs in line with the rapidly changing market circumstances," the group said in a statement. "Creating three independent businesses with a streamlined cost structure will give each group the best opportunity and the necessary means to strengthen its leading position in its respective markets", Chief executive Marc Olivie said.