Helge Hansen

WÜRZBURG, GERMANY—Press manufacturer Koenig & Bauer AG (KBA) plans to cut an additional 300 million euros (more than $450 million) in costs by 2013 in an effort to offset flagging sales and right the ship toward profitability, Bloomberg.com reported. In an interview, KBA CEO Helge Hansen said the company is now seeking 580 million euros in savings through 2012. By the middle of next year, 300 more positions will be eliminated at the company.

WURZBURG, GERMANY—Albrecht Bolza-Schünemann, president and CEO of press manufacturer KBA, resigned from the company during its supervisory board annual audit meeting in the wake of poor financial results. Helge Hansen, who was named CFO in February, now steps into the role of president.

Albrecht Bolza-Schünemann (57), president and CEO of German press manufacturer Koenig & Bauer AG (KBA) since 2003, has resigned with immediate effect from all offices within the group. Bolza-Schünemann announced his decision at the March meeting of the company’s supervisory board, citing the substantial losses incurred by the sheetfed division in Radebeul near Dresden last year (financial results reported below). His brother Claus (53) is now the sole remaining representative of the founding family on the KBA board.

With the approval of the supervisory board, on 6 February 2009 Albrecht Bolza-Schünemann (56), president and CEO of German press manufacturer Koenig & Bauer AG (KBA), will hand his financial remit to Helge Hansen (61), a respected banker and business economist. Hansen, who was appointed managing director of Metronic AG (now KBA-Metronic) in July 2003, successfully restructured the company following its acquisition by KBA in 2004.