UPDATE 1-American Reprographics cuts salaries to save costs
* Says cuts company-wide payroll by 5 pct
* Voluntary 50 pct salary cut for CEO
* Expects to save $6 mln annually
March 11 (Reuters) - American Reprographics Co (ARP.N), which provides document-management services, said it reduced company-wide payroll by 5 percent and the salary of its chief executive by 50 percent as it continues to cut costs.
The company, which serves the architectural, engineering and construction industries, expects to save $6 million, or 8 cents a share, annually.
The company also said it would continue its cost-cutting efforts, including further reductions in labor and plans to close or consolidate up to 50 locations during the year.
"The markets we serve have sharply declined. Thus, it is incumbent upon us to right-size our operations to get the optimum returns from the business," Chief Executive Suriyakumar said in a statement.
Shares of the company closed at $2.81 Wednesday on the New York Stock Exchange.
For the alerts, double click on [ID:WNAB3022] (Reporting by Mary Meyase in Bangalore; Editing by Deepak Kannan)
