Highcon: 'New Path' Could Become Clear Next Week
Highcon's Beam 2C device
The future for Highcon Systems could be resolved next week if a US-based bid for the firm's assets is approved.
The Israeli developer of digital post-press systems has been operating under court supervision since April, after it ran out of cash and filed for bankruptcy protection.
In new filings at the District Court of Lod this week, it has emerged that a proposal has been lodged to set up a new company in the US, which would involve transferring the company's operations from Israel to the United States.
The identity of the bidder was not disclosed.
The court has extended Highcon's operating permit until 29 July to allow for approvals and for details to be finalised.
Transferring the specialist knowledge that has built up over the past 16 years at the Highcon team has been flagged as a key challenge, and something that will take at least six months.
Highcon chairman Shlomo Nimrodi told Printweek: "Yes, progress is being made. The court approved an offer to acquire the company's assets. The offer is conditional upon two conditions (one is the Innovation Authority approval) that should be resolved by early next week.
"The acquiring entity would be a US company owned by former Highcon investors which are highly committed to see through the success of Highcon's technology in the marketplace," he said.
"I sincerely hope that both conditions will be met and that we will be able to announce next week the company's new path."
Highcon's Beam and Euclid digital die-cutting and creasing systems are in use at 64 customers around the world, with 85 systems installed.
The firm has continued to support customers during the period of court protection.
UK customers include Durham Box, Linney and Glossop Cartons & Print.
Highcon also has a long-standing connection with US packaging giant Sealed Air Corporation which had previously invested in Highcon and has partnered with the company on product development.
Sealed Air had not commented on its position at the time of writing.
Highcon's assets include a range of associated patents. This spans 16 families of patents, totalling 62 individual patents.