Moore to Save $20 Million from Reorganization of Forms and Labels Division
Press release from the issuing company
Bannockburn, Illinois / Toronto, Ontario, (February 15, 2001) - Robert G. Burton, President and Chief Executive Officer of Moore Corporation (TSE, NYSE: MCL), announced today that the company has streamlined its North American forms and labels operations and significantly reduced its operating costs through the elimination of 400 non-customer critical positions in the United States. This most recent reduction effectively completes the company's January 2001 plan to reduce its employment by 10%. Savings from this week's action are expected to be approximately $20,000,000 and support the company's earlier announced commitment to reduce its costs by $100,000,000.
The action also follows the company' announcement earlier this month to integrate its Canadian forms and labels operations into its U.S. forms and labels business. Previously announced savings from this action are expected to be $7,000,000 to $10,000,000 through the elimination of duplicative management and related administrative positions.
Mr. Burton stated:
"By integrating and streamlining our North American forms and labels operations, we are creating an organization that has a sharper focus on our customers and is better positioned to leverage our size and scope as the largest producer of forms and labels in order to win in the marketplace."
"We are moving very quickly to refocus the organization, keeping the needs of our current and future customers foremost in our minds as we initiate this action. Our commitment is to aggressively control and reduce costs, improve our North American manufacturing efficiencies, and expand our products and services. Through this action, I am absolutely confident that Moore is better positioned today than yesterday to deliver significantly increased value to our customers and our shareholders."
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