Domino to axe 70 UK jobs as part of global cuts
Inkjet and laser manufacturer Domino Printing Sciences has announced that it is to cut 70 UK jobs as demand for coding and marking products remains subdued.
The move is part of a cost-cutting exercise, which will see 200 jobs lost worldwide, delivering £10m of annualised savings.
In a statement released to the London Stock Exchange this morning, the company said: "The board expects that the reduced demand for coding and marking products will continue into 2009."
Domino said it anticipates that the job cuts, which amount to approximately 10% of the company's workforce, will cost the company around £8m.
Nigel Bond, group managing director, told PrintWeek: The after sales side of our business is holding up well, but we are seeing reduced demand in the new equipment sales as the global credit crunch forces businesses to reign in their spending.
The decision follows news that the company was experiencing more difficult trading conditions in the first six months of the year.
It has expanded aggressively this year with the acquisition of four companies, including the recent purchase of APS.
The cost cutting is also realising operational efficiencies, getting synergies out of our recent acquisitions, Bond added.
Domino's coding and marking products print variable data such as 'best before' dates, barcodes and traceability codes onto products in sectors such as food, beverage and pharmaceutical.
For more see next week's PrintWeek.
Source: www.printweek.com - News
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