In a statement released this morning, the company blamed a “slump in demand in key markets such as the US”, and the abrupt tightening of credit lines for customer investments, for a 12.5% fall in group order intake to 30 September.
“The 15.8% contraction in new orders for sheetfed presses was particularly painful,” the statement said.
However, this fall was offset by web and special press sales and the shipment of large newspaper press lines to India.
To compensate for the falling revenues, the press manufacturer announced plans to cut 600 of its 3,600-strong workforce as it consolidates its factories in Germany, Austria and the Czech Republic.
Read the original article at www.printweek.com.
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