Koenig & Bauer AG (KBA) has finalised a Letter of Intent with Officine Meccaniche G. Cerutti S.p.A. (OMGC) in Casale Monferrato, near Alessandria, Italy for the 100 per cent takeover of its Spanish subsidiary Iberica AG S.A. in Barcelona. Iberica with some 60 staff produces medium and large-format flatbed die-cutters for board and corrugated packaging without own manufacturing facilities and until now has mainly been active in Europe and in some overseas markets. The integration into the global KBA sales and service network would greatly improve Iberica's growth prospects. The planned takeover underscores the press manufacturer's announced focus on the growing packaging market. KBA's sheetfed segment is the longstanding market leader in folding carton printing. Its international customer base for sheetfed offset presses and die-cutters is largely identical. Further details regarding the planned takeover will not be disclosed until negotiations are complete as contractually agreed.