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June 2005
Cenveo Plans Cost Savings

ENGLEWOOD, CO—Cenveo announced a comprehensive plan to reduce operating expenses and streamline management functions, a plan that includes the elimination of about 125 jobs—mostly managerial positions. Through these moves, the company expects to save $9 million in 2005 and generate annual savings of $20 million. After having his May 6 formal proposal to take over Cenveo rejected, veteran print executive Robert Burton of Burton Capital Management informed the troubled printer that he will seek a special meeting of shareholders with the intention of removing the existing board members and replacing them with a slate that will "affirmatively act in the best interests of Cenveo's shareholders."

Margolis, 76, a Financial Guru

BALA CYNWYD, PA—Harris Margolis, 76, whose PIA Ratio studies enabled printers to measure their profitability against competitors for more than 40 years, passed away May 4. Mr. Margolis had been working at his accounting and financial consulting firm, H.R. Margolis Co., until two weeks before his death. He also wrote a number of books aimed at the commercial printing industry and created a printing industry hourly-cost-rate system.

SWOC Files Paper "Fixing" Suit

CHICAGO—Commercial web printer Service Web Offset (SWOC) has launched a class action lawsuit against a host of magazine paper providers, charging a conspiracy among the companies to fix prices, as well as other offenses. SWOC seeks treble damages, injunctive relief and attorney's fees/costs for itself and "all others similarly situated" who purchased magazine paper from the defendants during the period of January 1, 1990, through May 31, 2004.

Donnelley Secures Large Deals

CHICAGO—RR Donnelley recently signed a trio of long-term contracts, including an extension of the agreement to produce all of R.H. Donnelley's current telephone directories, worth $400 million. RRD also captured a $280 million, multi-year accord to print magazines and books for Meredith Corp. Finally, Donnelley netted a $60 million, multi-year deal to produce the entire stable of magazine titles by Penton Media, a business-to-business publisher of about 50 titles.

Heidelberg Reaches Costs Pact

HEIDELBERG, GERMANY—In an effort to bolster its German manufacturing facilities, Heidelberger Druckmaschinen AG's management board and employee representatives reached a three-year agreement that will generate substantial cost savings without reducing its workforce. The pact, which runs through March of 2008, is expected to save the company about Euro 100 million.

St Ives Burrups Changes Name

PHILADELPHIA—Financial printer St Ives Burrups has changed its name to St Ives Financial, in an effort to support a major expansion program targeting key U.S. financial companies.
 

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