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Outlook Group to Reduce Workforce, Soft Economy Impacts Activity Levels

Press release from the issuing company

NEENAH, Wis.--May 31, 2002--Outlook Group Corp. announced the reduction of 62 positions, or approximately 12% of the total workforce at its two facilities in Neenah, Wis. The company reduced the workforce at its graphics facility by 50 permanent positions, effective May 30. On May 9, the company reduced employment at its Web facility by 12 positions. After the reductions, Outlook Group employs a total of approximately 505 people; 380 at its graphics facility and 125 at its Web facility. "The continuing soft economy, both in our industry and in the Fox Valley, has impacted our operations throughout the past year. While we held off as long as we could, we are now in a position where we must realign staffing levels to be consistent with our current and anticipated levels of activity," said Joseph J. Baksha, president and chief operating officer of Outlook Group. "As an employee focused company, this was a difficult decision to make. We were able to maintain our employment levels considerably longer than many others in our business, but ultimately, we, too had to make workforce adjustments based on economic conditions," Baksha added. Baksha said the affected employees will receive a severance package. The package includes severance pay based on length of service, health insurance continuation at the employee's former contribution level for a transition period and continued access to the company's employee assistance program. Outlook Group Corp. is a printing, packaging and direct marketing company offering a variety of related services to clients in markets including contract packaging, collateral information management and distribution, direct marketing components and services, packaging components and materials, and specialty print related services. The company leverages its core competencies by cross-selling services to provide a single-source solution for its clients.

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