Baldwin Announces Restructuring Plan.SHELTON, Conn. -- Baldwin Technology Company, Inc. (AMEX AMEX See: American Stock Exchange : BLD BLD Build BLD Blood BLD Blade BLD Blonde BLD Breakfast Lunch Dinner BLD Bukas-Loob Sa Diyos (Filipino: Open In Spirit To God) BLD BASIC Bload Graphics (File Name Extension) BLD Below Limit of Detection ), a global leader in process automation technology for the printing industry, announced today that it is undertaking a plan to restructure some of its operations in Europe. The Company estimates that the total cost of implementing this restructuring plan will be approximately $960,000, which will be recorded as a pre-tax charge in the quarter ending December 31, 2007. The pre-tax estimated savings from the plan is expected to be approximately $1.2 million annually, which will result from a reduction in employment levels at the Company's operations in Germany. Company President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Karl Puehringer, commented on the initiatives: "As the Company progressed with the integration of the Oxy-Dry acquisition during the year, we continued to review our operations in Germany to identify additional opportunities for rationalization to attain an appropriate balance in our manufacturing and engineering resources. The cost reductions contemplated in this restructuring will better position the Company in the current competitive marketplace, especially given softer order intake rates for the German OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and press manufacturers. The actions to be taken under the restructuring plan are in process and are expected to be completed by the end of the current fiscal year." About Baldwin Baldwin Technology Company, Inc. is a leading global supplier of process automation equipment for the printing and publishing industry. Baldwin offers its customers a broad range of market-leading technologies, products and systems that enhance the quality of printed products and improve the economic and environmental efficiency of printing presses. Headquartered in Shelton, Conn., the Company has operations strategically located in the major print markets and distributes its products via a global sales and service infrastructure. For more information, visit http://www.baldwintech.com. Cautionary Statement: This release may contain statements regarding restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and expenses and expected future savings or other statements, which may constitute "forward-looking" information as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 or by the Securities and Exchange Commission. Investors are cautioned that any such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are not guarantees of future performance and actual results may differ. See Item 1A "Risk Factors" to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 2007. |
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