Report: KBA Increasing Cuts to Offset Sales Drop
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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.
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