Standard Register Cutting Costs, Reducing Staff
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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.
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