Standard Register Cutting Costs, Reducing Staff
DAYTON, OH—Standard Register announced a strategic and organizational realignment to position the company for long-term growth, while maintaining its strong balance sheet. The company will organize around the health care, industrial and commercial market segments, among other initiatives, while reducing annualized costs by $33 million.
In the third quarter of 2008, a freeze of pension benefits, consolidation of some print centers and warehouses, and a reorganization of field sales support were implemented resulting in annual savings of $13 million. The latest moves include policy changes and other measures that will result in $9 million in savings annually. In addition, a 5 percent reduction in force will be completed before year end, creating an additional annualized savings of $11 million.