The German manufacturer is still financially solvent and it emphasised that it will continue to trade normally, under the “protective shield” of Chapter 11.

“We are able to fulfil all customer orders as planned. Moreover, we can and will pay our orders with suppliers,” stated chairman Alexander Wassermann.

It intends to sell off its paper converting machinery operation and will in future focus on the profitable plastic welding and lubrication businesses.

A restructuring plan will be formulated over the next three months, which has to be approved by creditors and the court.

The Bielomatik Jagenberg factory in Neuss, which makes sheeters, has filed for insolvency separately due to legal technicalities around the Chapter 11 process. The plant, which employs 23 staff, is still included in the up-for-sale paper processing assets.

Bielomatik also makes stationery manufacturing kit including spiral and wire binding machines, web finishing systems for multi-part forms, and on-demand book binding kit.

Bielomatti, the joint venture company set up by Bielomatik and high-speed inkjet specialist Matti Technology, is not included in the proceedings.

The Bielomatik group had total sales of €119.8m (£87m) in 2013, of which paper processing accounted for €78.1m, plastic welding €30.6m and lubrication systems €10.8m.

A spokesman said that in 2014 there had been a big decline in paper processing equipment sales, while the other operations had grown.

The firm employs around 550 staff at its headquarters in Neuffen, where it has a 13,000sqm manufacturing facility.

Bielomatik said its various overseas subsidiaries were not affected by the filings.

Heidelberg was unavailable for comment at the time of writing.

Jagenberg AG, part of the Kleinewefers-Group, is a completely separate company.