Banta Announces Plant Closings, Layoffs
MENASHA, WI—Banta Corp. has announced strategic initiatives that are expected to produce annual cost savings of $35 million, but will result in the closure or sale of five of its facilities.
In tandem with the reorganization of its print sector earlier this year, Banta is eliminating 500 positions. The moves are designed to position Banta for global expansion in both its printing and supply chain management businesses, as well as deliver a special $16 per share cash dividend to stockholders.
The move comes on the heels of the merger overtures made by Cenveo Inc., of Stamford, CT. Cenveo Chairman and CEO Robert Burton has made a $1.14 billion offer, or $47 per share, for the troubled printer.