Cost savings worth more than 100 million Euros a year and increasing, are part of an evolving efficiency programme for press make Koenig & Bauer.
The group says its "developing and expanding" 'Performance 2024' programme will still maintain "and, in fact, accelerate" all innovation, process and product developments.
It says principal market segments, such as packaging and industrial printing, remained fundamentally intact, but customers were postponing new investments due to all the uncertainty brought by the COVID-19 pandemic.
Investments in digital print and direct post-printing on corrugated were "being pursued with vigour", as was the joint venture with the Durst Group, and new developments for security printing "in the pipeline".
Supervisory board chairman Raimund Klinkner says the board has "contributed (its) own experience and know-how" to plans the management board had tabled.
By conclusion of the programme in 2024, group turnover is expected to reach around 1.3 billion Euros, with earnings are expected to still return seven per cent on sales, while reducing working capital requirements to average 25 per cent of annual turnover.
"In addition to the effects of the measures already being implemented, such as cutting back on overtime and subcontracted labour, a hiring freeze and short-time working, the group-wide measures approved today will affect between 700 and 900 jobs in the short and medium term," the company said.
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