The according agreement, signed yesterday (Wednesday) is yet to be confirmed by European antitrust organisations, although it has been approved by antitrust organisations in the US.

As part of the deal, Heidelberg will also take a 15% equity stake in Goss.

Goss director of marketing David Stamp said that the European antitrust confirmation would come "very shortly".

The acquisition will give Goss a total staff of around 4,000, operating in North America, Europe and Asia Pacific.

Stamp said: "This enables us to offer a much broader range of printing presses, across both the newspaper and commercial press spectrums."

Goss now has the task of restructuring the areas it has acquired, including commercial web, newspapers, and the US finishing systems division.

In total, 2,000 Heidelberg employees will be affected by the deal, mainly in the US, France and the Netherlands, but Stamp said that the restructuring in France would not lead to the closure of either firm's factory in that country.

He said: "One plant is focused on the newspaper industry and one set of products, and the other plant is focused on the commercial press industry.

"Obviously there will be many synergies we can look at. We wouldn't be acquiring such a business if we hadn't wanted exactly what we're buying."

Goss is believed to be paying very little, or nothing, for the acquisition, but it will have to fund the restructuring. Last month PrintWeek revealed that the firm's majority shareholder, Matlin Patterson, has pledged to inject $100m for restructuring the enlarged business.

Story by Josh Brooks