As part of a worldwide initiative, the company has slashed its spare parts prices for equipment including diecutters, folder gluers, flexo printers and hot foil stamping machinery.

The average price reduction is 23%, and the parts that have been reduced include belts, chains, clutches, brakes and motors.

Neil Jones, managing director of Bobst Group (UK & Ireland), said: "Previously we were buying perhaps 10 of something from our suppliers, but now we are buying in the thousands.

"It means that we pay less and so we pass that saving on to our customers. We want to be more coherent with our market prices. It is an ongoing process for us to continue to look at this."

The price cut follows the launch in 2009 of a new common inventory management (CIM) system for spare parts and consumables implemented at Bobst Group locations.

Jones said: "Based on worldwide parts usage data, CIM works out which critical parts we should keep in stock for the installed base here in the UK and Ireland.

"Being able to do this both cuts lead times for our customers and reduces their delivery costs."

According to Jones, Bobst supplied 30% more parts from its Redditch facility in 2010 than the previous year, as a result of the CIM install.

Bobst Group supplies equipment to the packaging industry.