Xeikon went into liquidation last Wednesday (6 March), and its Belgian assets were bought by Punch the following day. The two firms previously announced as preferred bidders MAN Roland and Yam International had pulled out of the bidding.

"This is very good news for us," said chief executive David Coltart. "The decision to go with Punch was most logical, because it involves two Belgian companies getting together."

Openshaw is Xeikons largest value-added distributor with more than 100 installations. Coltart said it had been "frustrating" not being able to close sales during Xeikons period of creditor protection, and that it would now be able to confirm a number of pending orders. "We are now looking forward to having detailed discussions with Punch because its important that this product is correctly represented at Ipex."

Punch is a supplier of components to Xeikon, and also makes the Polaris CTP engine for Agfa through its Strobbe Graphics subsidiary. Strobbe and Xeikon will be combined into a new graphics business unit headed by Jan Van Daele, the former R&D director of black-and-white at Xeikon.

Xeikons workforce will be cut by 16% to around 235.

Punch may also acquire Xeikons American and Japanese operations.

Xeikons existing board has been dismantled due to the sale, and senior executives including executive chairman Gino Despeghel, chief executive Alfons Buts, corporate planning director Herman Remmerie and sales and marketing director Guy Vandercelen have left the company.

Xeikons black-and-white business is still for sale, and Buts and Vandercelen are hotly tipped to join it. It has confirmed it will still exhibit at Ipex.

Story by Jo Francis