The official, who asked not to be identified, says that Allied Gear’s owner “has taken the decision that continued production of new presses is not, at this state of the market, a profitable business for the company, and is no longer soliciting press orders.”
The company still exists in name, he adds, but says that the owner has “significantly downsized the business.” No employees remain on the payroll, he says.
Allied Gear, which had been a prominent manufacturer of narrow web presses and dies, ceased production of dies and tooling about three years ago. At around the same time, the company entered into an agreement with GiDue, the Italian press manufacturer, to market its presses in North America. That union recently was dissolved.
The company has been in negotiations with former employees who might continue the parts and service operations. “My expectation is that in a fairly short period of time they may well decide that producing complete presses