"The reason is simple, my company, an active member of the ERA, had to file for bankruptcy ten days ago," said Bormans.

The cause of the closure is two-fold. "The market is very difficult, mass printing is really a mess, and the banks very suddenly withdrew all their credit," explained Bormans.

Commenting on the gravure industry as a whole he said that consolidation in the market looked set to continue, as it operates Europe-wide not just within national borders.

"There's definitely a future for a gravure, but maybe with only five or six huge companies," said Bormans. "Overcapacity will also remain for another five years."

Even though Belgium-based Agora Rotogravure has closed its doors sister firm Agora Printing is unaffected and "is doing very well," added Bormans.

ERA vice-president Giovanni Toso, general manager of Turin, Italy-based ILTE will act as president until a new one is elected.

Story by Darryl Danielli