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Punch signs preliminary agreement to buy Xeikon

Mar 7, 2002 12:00 AM


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Punch International NV (St-Martens-Latem, Belgium), a producer and distributor of components, subsystems and finished products for original equipment manufacturers, has received approval to acquire the assets of digital printing system producer Xeikon NV (Mortsel, Belgium). Punch reportedly has been interested in taking over the company for a while; it had previously submitted several bids.

The commercial court in Antwerp declared Xeikon NV bankrupt on March 6, 2002. Punch immediately resubmitted an offer to acquire all of the assets of the company in Belgium and 235 employees. The acquisition price was not made public.

Punch International will retain the Xeikon brand name. The new management team of the digital color press department will mainly consist of former professional and managerial staff of Xeikon NV and will be headed by Jan Van Daele, formerly R&D director at Xeikon.

Punch is said to be investigating the acquisition of Xeikon Inc., the American subsidiary of Xeikon NV and the Xeikon subsidiary in Japan.