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Moore to Cut Additional 1,000 Jobs in Response to Slowing Demand

Monday, November 12, 2001

Press release from the issuing company

11/12/01 (WhatTheyThink.com) - According to sources familiar with Moore Corporation Limited’s staffing plans, the company will indeed cut 1,000 jobs in 2002. The business forms manufacturer has been on an aggressive campaign to reduce expenses by $100 million since Robert Burton, CEO, took over in December of 2000. Burton indicated in a conference call shortly after their most recent earnings report that they still had too many employees. Moore has eliminated 2,700 positions this year and had projected to reduce employee size by another 400 positions in 2002. Sources say the company now has pegged the number near 1,000. In the same conference call, Burton said the company should be at the 12,000 range for total employment by the end of 2002. Sources say the number could change based on possible acquisitions and economic conditions in the first half of the year.




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