Heidelberg bought IDAB WAMAC in 2002, at which time the company had 120 staff and a turnover of around €35m (£22.1m at that time), as part of its strategy to become a single source supplier.

However, Heidelberg has since retreated from the newspaper market. The German-based manufacturer sold its web division to Goss in 2004 and has since narrowed its focus to its core market of sheetfed litho equipment.

Chief executive Bernhard Schreier said: "We focus on sheetfed offset solutions. For this reason we have opted for the transfer of IDAB WAMAC. We are pleased to close this transaction even under current challenging market conditions."

Heidelberg said that the sale was in line with its plans, announced this summer, to improve its cost situation and optimise its business organisation.

Schur, through its subsidiaries Schur Packaging Systems and Schur Palletiser, is a provider of mailroom, distribution and palletiser systems to the newspaper and commercial printing industry worldwide.