05.05.2009 22:10 CEST

Schuler lays foundation for stability during the crisis

The Göppingen-based press manufacturer Schuler has taken steps to adapt to the changed economic circumstances. In order to maintain the company’s full strength even in such an acutely adverse economic environment, and to secure the necessary staff to achieve this, the Board of Management decided today to adopt a restructuring concept aimed at stabilizing the company during the current crisis. At the heart of these measures is a streamlining of the company’s organizational structure, involving significant steps to raise efficiency. Some 11% (around 600 jobs) of 5,500 total headcount is to be reduced around the world. Reductions in material costs represent a further focus area of the restructuring concept. The targeted savings amount to around EUR 80 million per year. Talks are also being held at present with the Group’s various work councils about temporary cuts of 20% in personnel expenses.

On May 28, 2009, Schuler AG will publish its interim report for the first six months of its fiscal year 2008/09, ending March 31, 2009. The preliminary figure for new orders amounts to approximately EUR 295 million, compared with EUR 555 million in the same period last year. Under consideration of non-recurring costs incurred by the restructuring program, Schuler expects to make a loss in its fiscal year 2008/09.

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