Punch is a major supplier of components to Xeikon and knows the company well. It was originally tipped as a possible buyer after Xeikon entered creditor protection but was not named as one of the two preferred bidders last month.
Xeikon was declared bankrupt by the courts on Wednesday (6 March), and the following day Punch received approval from the firm's liquidators to buy its assets.
In a statement Punch said it "had been interested in taking over the insolvent company for quite some time and had previously submitted several bids".
Punch is acquiring all of Xeikon's Belgian assets, and will take on 235 employees.
Xeikon's black-and-white business is not included in the sale.
However, it is understood that MAN Roland will still be involved in the sales and distribution of Xeikon-engined products.
Sources close to Xeikon said that the firms workforce had favoured Punch.
Tony Halker, marketing director at Xeikon's UK distributor Openshaw, said: "From our point-of-view this is an extremely positive move, and we are looking forward to getting on with business."
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