Finishing equipment manufacturer MB insolvent

According to local media reports, Martin Mucha, an insolvency specialist with Stuttgart law firm Grub Brugger, was appointed provisional liquidator to MB on Monday (23 July).

The management of the 150-staff firm, which had a turnover of €14m in 2011, are said to believe in a possible restoration and blamed MB's insolvency on sluggish order intake in recent months.

This in turn was attributed to customers holding off on investment in the quarter leading up to Drupa - a phenomenon that Heidelberg also highlighted in its recent first quarter results.

Since then orders are said to have stabilised, giving hope for the continuation of the company post insolvency. MB was founded in 1863 and has been involved in the development and production of print finishing equipment for more than 50 years.

MB's UK distributor is Encore Machinery.

More to follow...