The news came as HP completed its exchange offer for all outstanding shares in Indigo, worth 441m ($629m) under the agreement announced last year at Print 01 (PrintWeek, 14 September).

The deal closed on 22 March, although the final figure, which will be announced in April, may differ from the 441m due to over-subscription for fixed offer price shares.

Indigo extends HPs Printing Systems portfolio beyond ink-jet and laser-jet to include offset-quality digital presses aimed at short-run personalised print.

"We will build on what Indigo brings in to the company, so theres no question of downsizing or redundancies," said Joshi.

HP also announced a multi-million pound contract with Tokyo-based Toppan Forms, which has installed five HP Indigo digital web presses to print personalised workbooks for 60,000 correspondence course students.

Story by Rachel Barnes