Koenig & Bauer says it has announced it has applied for a 120 million Euros (almost A$200 million) loan to help it keep on track through the COVID-19 crisis.

The money comes from KfW, the German state bank formed in 1948 as part of the post-war Marshall Plan. K&B says it is working intensively on its Performance 2024 efficiency programme, with improvements in working capital and cash flow top of the agenda alongside the strategic focus on packaging printing and digital services.

One condition of the loan is that no dividends will be distributed during its term.

With Claus Bolza-Schünemann set leave K&B's management board at the end of the year as he approaches the age limit of 65, the company has announced the appointment of Dr Andreas Pleßke as spokesman until the end of 2025.

Bolza-Schünemann - who will have served for 28 years, including nine as chief executive - is the great-great-great grandson of co-founder Friedrich Koenig, credited as inventor of the steam-powered cylinder press and pioneer of modern newspaper printing.

In a statement, the supervisory board thanked him "for his successful and excellent work for the future-oriented positioning of the company, his tireless personal commitment for Koenig & Bauer as well as the good and trusting cooperation".