The company requested bankruptcy proceedings with the Swiss authorities yesterday (22 April).

The manufacturer, well-know for its UV platesetting systems, cited a number of factors behind its fall, including "massive downturn" in the printing industry, a drop-off in orders over the past nine months, and the negative effects of the strong Swiss franc.

It has more than 1,600 CTP systems installed worldwide.

In a statement the company said: "Despite extensive efforts, supported by the bank, development partners and investors, in new and more attractive applications in industrial print markets, it has not been possible to stabilise the company's financial position in the prevailing market context."

At Drupa 2012 the firm launched a number of new products, including the XDrum! UV external drum B1 CTP system co-developed with Heidelberg and aimed at high-volume users.

It also attempted to expand into new markets with a new flexo CTP system and a coating plate co-developed with MacDermid.

Luscher is currently in discussions that could result in all or part of the business being saved, with Heidelberg tipped as a possible rescue partner.

"It all depends on which investor it is, some have an interest in the whole company," said chief technology officer Peter Berner.

The firm employs 59 staff in Switzerland. It does not disclose its turnover.

The impact on Luscher's other worldwide operations is not immediately clear, although the German subsidiary had already filed for bankruptcy two months ago. Luscher has subsidiaries in France, Italy, Spain and Hong Kong and sales offices in the UK, China and Eastern Europe.

"We don't know yet, we are still in discussions regarding the worldwide operations," Berner added. "We will be working on a plan for keeping service going."