Simpson, who is also chairman of Tyne and Wear-based Simpson Group, said the move highlights "the close ties" between Fespa and the Prism trade association of screen and digital wide format printers.
Fespa UK Association will remain autonomous from Fespa but becomes one of 26 European member associations and 10 global associate members of Fespa.
It will also benefit from the latter's investment into the industry, which will include funding opportunities from Fespa's projects committee.
Simpson said: "In today’s challenging commercial environment, membership of an active and well-resourced trade association which is part of a strong global network gives its members immediate and cost-effective access to invaluable market insights, information, contacts and - above all – opportunities.
"We are confident that the Fespa UK Association name will attract important new members who will contribute fresh ideas and impetus to our work, while using membership to develop their own position in the market."
Nigel Steffens, chief executive of Fespa, said the UK will become a focal point for the global screen and digital printing community in the next 18 months with Fespa 2013 taking place in London.
"Printers in the UK can benefit enormously from that through membership of the Fespa UK association," he added.
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"Sorry to read this, a big name to go down, hopefully a lot of the £1.8M was insured. We are recruiting operational staff & currently in-talks to assist the clients with immediate requirements."
"£1.8m !! Very big numbers indeed."
"Now black really is white. Ditching a product line with all its consequences for customers is now an award winning move. Priceless!"
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