The press manufacturer's financing package consists of a €300m loan from German state development bank KfW, a €550m loan supported by 90% guarantee pledges from German federal and state governments, and a €550m syndicated credit line from a consortium of banks.

Dirk Kaliebe, chief financial officer for the German press manufacturer, said: "Despite the difficult conditions on the financial markets, Heidelberg has succeeded in renegotiating its existing financing structure.

"The new financing framework will enable the company to bridge the period until the difficulties in securing loans within the financial system ease."

Heidelberg outlined its strategic plan at its recent AGM, which included reducing reliance on cyclical business and increasing the total proportion of sales accounted for by its service, consumables and packaging printing divisions.

Following the announcement, Heidelberg's share price rose around 11% to €6.47 (£5.55).