"The typical lead time for a gravure press is 10-14 months - it strongly depends on the folder format and superstructure," said KBA vice president of sales Christoph Muller. "They [Howitt] will have to order at the beginning of next year, otherwise it's impossible to build the machines and start them up."
Howitt has still not revealed the source of its funding for the huge project.
Industry speculation as to the source of the money has centred on South Africa because of Howitt chief executive James Elliot's links there, while German backers or a consortium involving 3i, HSBC and media mogul Tony O'Reilly have also been mooted. However, Independent Newspapers' UK chief executive, Ivan Fallon, said: "We are not putting in any money." And a City source added: "Venture capitalists are unlikely to invest in a heavy metal project like this, where the returns are unclear."
Howitt will also need to secure major clients. "It's not Field of Dreams 'build it and they will come'," said the source. "This is the real world."
Gravure capacity is set to increase next year anyway, when Lenglet Imprimeurs takes the second 3.68m press for its new greenfield plant. Lenglet's logic mirrors that of Howitt, as the firm aims to recoup some of the 60% of French gravure work currently printed outside France.
Story by Jo Francis
