By: E&P Staff Citing consolidation in gravure markets, German press manufacturer Koenig & Bauer AG has sold its rotogravure business, including all intellectual property rights, to Italy's Officine Meccaniche Giovanni Cerutti S.p.A., maker of gravure and flexo presses.
Value of the sale was not disclosed.
KBA said it "will design and manufacture the folders for all new Cerutti publication rotogravure presses" and will continue providing service for rotogravure presses it sold before the transaction.
This agreement will enable our customers to take advantage of the benefits deriving from the synergies between two primary market players," Cerutti Group President and CEO Giancarlo Cerutti said in a statement.
In announcing the transaction, KBA Deputy President Claus Bolza-Schuenemann said, "In view of current market developments, this agreement is in the interests of both parties and, ultimately, of all gravure printers throughout the world. And with consolidation intensifying among users, it was an inevitable move."
Approved by KBA's supervisory board, the sale to Cerutti will lead to personnel changes at KBA's Frankenthal plant. KBA president Albrecht Bolza-Schuenemann announced last month that weal demand in the newspaper industry meant capacity reduction at KBA plants that make newspaper presses. The board of directors' downsizing plan is to be discussed with worker committees before any figures are released.
Despite diminished demand for p
Comments
No comments on this item Please log in to comment by clicking here