Presstek Bids for A.B.Dick NILES, IL—A.B.Dick Co. announced it had filed for Chapter 11 bankruptcy protection. Soon after the announcement, Hudson, NH-based Presstek Inc. unveiled a detailed plan to acquire the business and assets of the company through a U.S. Bankruptcy Code section 363 asset sale, a deal valued at approximately $40 million. Presstek President and CEO Edward Marino stressed that there was no guarantee his company would be successful in the open bidding environment of a bankruptcy proceeding. Bowne's Johnson Retires NEW YORK CITY—Bowne & Co. announced the immediate retirement of Robert M. Johnson from the company and its board of directors for personal reasons.
Robert M. Johnson
These are the executives that have rolled the dice and hit for the big money in commercial printing. Printing Impressions' 13th annual executive compensation report highlights the industry's top money earners at publicly held printing companies. Robert G. Burton, president and CEO of Bannockburn, IL-based Moore Corp., appears at the top of this year's ranking with total compensation of $3,300,000. This is the second straight year a Moore executive tops our list. The rankings indicate previous fiscal year salaries, most recent fiscal year wages and the percentage change in compensation from the two fiscal years that are shown. While some executives, like Dennis Rediker,
NEW YORK—With weak capital markets resulting in less print volume, Bowne & Co. announced that it is implementing $10 million in annualized cost reductions, with its Financial Print division letting go five percent of its work force. The reductions result in the loss of 200 jobs for the Print Division. Bowne is also limiting all discretionary spending and is reengineering workflow to match the size of its network to customer demand. The measures are not unlike those taken by the company in 2001, when $70 million in annualized cost savings was realized, including $60 million in Financial Print. Caution "As we indicated in our second quarter
NEW YORK—Bowne & Co., a major player in the financial printing arena, announced its board of directors has approved a $13.5 million capital investment in its New Jersey print production operations. The world's largest financial printer and a leader in document management, Bowne will use the investment to add space to the Secaucus printing facility and replace presses and related finishing equipment with new, more productive presses and finishing gear. According to Robert M. Johnson, chairman and CEO of Bowne, the move will allow the company to become more of a one-stop shop. "This investment of $13.5 million over the next 12 months will dramatically