Over the past year, the German press manufacturer has announced plans to cut 5,000 jobs by the end of 2011. In October last year, it said that it would cut 2,500 staff, followed by another announcement doubling that figure in March 2009.

Following discussions with employee representatives, that figure has been cut to 4,000 and is expected to eventually save the company around €400 million ($A654m) a year.

Bernhard Schreier, chief executive of Heidelberg, said that a “reasonable solution for everyone involved had been found”.

“These painful cuts are essential to counter the effects of the most serious crisis of our industry and create a stable position for the company’s future,” he added.

Read the original article at www.printweek.com.

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