January 17, 2012 / 1:35 PM / 6 years ago

UPDATE 1-Heidelberg to shed up to 2,000 jobs to cut costs

2 Min Read

* Says economic uncertainty hurting industry recovery

* Says to slash production capacity by 15 percent

* Aims to save 180 million euros by 2013/14

* Q3 incoming orders down 4.2 percent (Adds details, background)

FRANKFURT, Jan 17 (Reuters) - Heidelberger Druckmaschinen AG is slashing up to 2,000 more jobs around the world to cut costs as economic uncertainty hurts demand for printing machines.

"The ongoing economic uncertainties will continue to put a brake on the industry's recovery," Chief Executive Bernhard Schreier said in a statement on Tuesday.

Heidelberg, the world No.1 maker in sheetfed offset printing machines, has already cut one in five jobs to halt several years of losses and has seen its market value collapse in recent years to less than 400 million euros ($507 million) from more than 2.5 billion.

The latest round of job cuts, of which 1,200 will be in the company's German home market, represents almost 13 percent of Heidelberg's current global workforce.

Heidelberg said it plans to slash production capacity by about 15 percent, shift service capacities to emerging markets, cut spending on research and development, and pool sales and marketing activities.

It aims to save 180 million euros by 2013/14, Heidelberg said, affirming its target of posting operating profit before special items of about 150 million euros for that year.

Incoming orders in the fiscal third quarter to the end of December fell by 4.2 percent to 630 million euros, Heidelberg added. ($1 = 0.7891 euros) (Reporting by Maria Sheahan; Editing by David Holmes)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below