Heidelberg Shedding Another 2,500 Jobs
HEIDELBERG, GERMANY—Heidelberg has stepped up its cost-cutting initiatives with the announcement that it is laying off another 2,500 employees. The move is expected to result in a total savings of 400 million euro, double the previous target for the 2010/2011 fiscal year set by Heidelberg. In all, the company is reducing its workforce by 5,000.
In announcing the move, Heidelberg pointed to the continuing reluctance of printers to invest, primarily due to printers' low capacity utilization and their difficulty in securing bank loans.