Manufacturing press manufacturer Schuler has taken over its struggling competitor Müller Weingarten.

The two companies are the two global leaders in stamping equipment with a combined market share of around 35%.

The merger of the two companies is likely to result in the loss of around 400-450 jobs over the next three years.

Müller Weingarten employs around 2,300 people in Weingarten, Erfurt, Esslingen und Remscheid.

In a first stage, Schuler has acquired 64.49% of shares in Müller Weingarten AG from Metzler Beteiligungsgesellschaft mbH (Frankfurt).