The Swiss manufacturer has also acquired its Chinese operation Ekpac, which imports and exports machinery.

Solna manufactures single-circumference, single-width web offset presses, moving Wifag into the commercial market.

According to Wifag's director of sales, projects and marketing Noel McEvoy, the investment was made in order for Wifag to "immediately gain access to growing markets and to extend its portfolio of products".

He told PrintWeek: "Wifag is such a strong brand name that we expect everything will be combined into the single Wifag brand. Solna will be integrated as a product range.

"Wifag has adapted its size, product range and business activities to the new market conditions. With other innovations in the pipeline, prerequisites for success are now in place."

Following the acquisition, Wifag has created a new division, Wifag Automation, which will employ 30 staff, combining Wifag and Solna employees.

Solna was established in 1946, as a sheetfed manufacturer, with its first web offset press produced in 1952.

The acquisition is a turnaround in fortunes for Wifag which went through a tumultuous 2010. Early in the year a merger with Manroland was mooted and then called off, before the company announced that 170 employees would be made redundant, just nine months after it had cut its web press numbers in half.

Wifag's year ended on a more positive note as it completed a restructure which saw it move in with parent company Polytype.