Oce Plans Major Restructuring Effort, Will Cut Jobs and Exit Certain Markets
Press release from the issuing company
Venlo, December 12, 2001 — Oce N.V. is making preparations to restructure its organization. The aim of this restructuring operation is to make the organization link up better with the corporate strategy, which focuses on the ongoing digitalization of the markets, in which Oce is active.
Oce maintains its strategic goals with regard to the growth in income and revenues. To realize these goals Oce intends to invest in growth markets and to withdraw from under-performing markets. A provision amounting to euro 125 million will be made to cover both redundancy costs and the write-off of assets. Worldwide, a reduction of 900 to 1,100 employees is expected. At present Oce employs over 22,000 people.
The Executive Board announces that revenues for 2001 were equal to those of the 2000 financial year. Net income before extraordinary charges for 2001 is expected to be about 30% lower than in 2000.
On January 9, 2002 the Executive Board of Oce N.V. will announce further details about the above restructuring operation together with publication of the preliminary results for the 2001 financial year, which closed on November 30, 2001.
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