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Oce to reduce costs to strengthen profit growth, To Cut 500 Jobs

Press release from the issuing company

Venlo, the Netherlands, 4 November 2005 - Oce N.V. the leading international manufacturer and provider of digital document management technology and services, today announced that the company intends to deploy a cost reduction programme in Europe to further strengthen its profit growth. In line with this approach, Océ earlier announced a partial shift of production to Asia and central Europe. Sales of new printing systems are increasing and the trend towards recurring revenues from service contracts is developing positively. Further cost reductions are necessary to achieve the strategic growth and profit objectives disclosed earlier. It is anticipated that Océ will cut 500 jobs in Europe, including 150 at corporate headquarters in Venlo, the Netherlands. This total excludes staff reduction as a result of the shift of production capacity announced earlier. Océ will provide the employees involved with as much assistance as possible in obtaining employment elsewhere. Besides staff reduction, additional savings will be part of this programme. The works council and the labour unions have been informed.