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Integration of Operations to Trim $7 Million in Expenses for Moore

Thursday, February 01, 2001

Press release from the issuing company

Bannockburn, Illinois / Toronto, Ontario, (January 30, 2001) -- Robert G. Burton, President and Chief Executive Officer of Moore Corporation (TSE, NYSE: MCL), announced today the company is integrating its operations in Canada with its U.S. forms and labels operations in order to reduce its operating costs and intensify its focus on its customers. “Given our cost structure, revenue and bottom-line performance, we simply cannot continue to lose money and operate our Canadian operations as a stand-alone business. By integrating our Canadian business into our U.S. operations we will significantly reduce operating expenses through the elimination of duplicative layers of management and administrative positions. Immediate savings from this action are expected to be $7,000,000 to $10,000,000.” “At the same time, by integrating our business in Canada into our U.S. operations, we will be better positioned to leverage our size as the largest North American provider of paper-based and digital forms, labels and related business communication solutions. We are committed to delivering our customers the widest range of solutions and services in the marketplace through an organization that is intensely focused on their needs.” Mr. Burton added: “In January, I committed to reducing Moore’s costs by $100,000,000 in order to create an organization that can consistently win in the marketplace. In the past 30 days, we have made tremendous progress in delivering against this commitment. We have significantly lowered our operating costs and greatly intensified our focus on our customers by rechannelling our research activities, streamlining our MIS/IT activities, and eliminating approximately 400 duplicative or non-essential positions. There is much that still needs to occur. I expect that we will complete our remaining workforce reductions within the next 30 days. We are moving through the corporation with the goal of ensuring we are positioned to deliver results with a significantly streamlined organization. Our game plan remains clear. We will continue to take decisive action to eliminate waste, control our costs, leverage our purchasing dollars and deploy resources in areas that most provide value to our customers.”

 

 

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