EskoArtwork Restructures Organization
GENT, BELGIUM—January 16—EskoArwork announced today that it will restructure the EskoArtwork worldwide workforce by approximately 10%. In addition, the company will reduce its operational spending. The current economic slowdown and 2009 global outlook have led to this decision, despite profitable growth in 2008.
"2008 continued an unbroken record of growth in our bottom line over the past five years" comments Carsten Knudsen, CEO of EskoArtwork. "However, we cannot ignore the current economic conditions, nor the outlook for 2009. In the coming year we will concentrate our efforts on servicing our large current customer base and our strategic developments while acting in a more conservative manner in other areas. By proactively addressing our cost structure, we can assure EskoArtwork customers and partners of a continued profitable performance, while simultaneously safeguarding our long term strategic goals."
"The implementation of the restructuring will be completed by the end of January and we expect to emerge from this effort in an even stronger competitive position than we are today."
EskoArtwork is a global supplier and integrator of innovative solutions for packaging, commercial printing, sign and display finishing and professional publishing. Its products and services help customers raise productivity, reduce time-to-market, lower costs and expand business.
EskoArtwork employs around 900 people worldwide. Its global sales and support organization covers Europe, the Americas, Asia Pacific and Japan, and is completed by a network of distribution partners in more than 40 countries.
EskoArtwork is headquartered in Gent, Belgium, and has R&D and manufacturing facilities in 5 European countries in the United States and in India. The consolidated full year revenue for 2007 amounted to EUR 170 million, with an EBITDA of EUR 30 million.