Manugraph India says unit Manugraph Americas filed for bankruptcy on June 1
Manugraph India has informed the exchanges that Pennsylvaniabased Manugraph Americas Inc., its wholly owned subsidiary, has filed a voluntary Chapter 11 ( bankruptcy protection petition) with the United States Bankruptcy Court on June 1, Reuters reports. The move is to reorganize its business, the company said in the notification. Shares of Manugraph India edged up 3.5 per cent at 52.15 on the NSE. In November 2006, Manugraph India acquired 100 percent stake in the U.S.-based press-manufacturing firm Dauphin Graphic Machines Inc. (DGM). Established in 1972 by founder S. M. Shah, Manugraph India Ltd. is India’s largest manufacturer of web offset presses. It is the first Indian company to have achieved a breakthrough in exporting “Made in India” printing machines to countries such as Germany, France, U.K. and the U.S. as early as in 1994. News & Tech has reached out to company spokespersons for comment.