A letter of intent has been signed for Allianz to take a 65% share in the German web and sheetfed press manufacturer, with MAN retaining the rest.

MAN Roland chief executive Gerd Finkbeiner (pictured) said the move was "positive news" and would put an end to speculation about the firm's future.

"There is no doubt that the future of the press division in the MAN conglomerate was always up for discussion and that it would focus its activities towards trucks and transportation," he said.

"[The deal] puts the fate of   MAN Roland in our own hands. We can now get out of defensive mode, which unfortunately we have been in for the past few years."

There had been speculation in recent years that Roland's sheetfed and web arms would be split. But Finkbeiner insisted the two would "stay together" and ruled out any tie-up with Heidelberg, in which Allianz holds a 12% stake.

He added that MAN Roland would be looking at M&A opportunities elsewhere. "We have got commitment from Allianz and want to make the company go public and gain funds for acquisitions," said Finkbeiner.

The MAN Roland brand will remain and Finkbeiner will continue as chief executive.

MAN Roland GB managing director Malcolm Pendlebury said it would be "business as usual".

"We do not anticipate that our customers will see any change in either the service we provide or the presses we sell," he said.

MAN Roland
- Founded: 1845

- Sales: 1.74bn

- Employees: 8,800

- Main locations: Offenbach, Augsburg and Plauen

- Global network: 120 offices and sales partners

- Market position: World's second-largest press manufacturer and market leader in web offset