Banta to Axe More Than 500 Jobs
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by Chief Marketer Staff
Banta Corp. plans to close five printing plants and eliminate more than 500 jobs, or about 6% of its work force, as part of an ongoing effort to cut costs.
The moves come on top of a reorganization of the Menasha, WI firm’s print sector disclosed in July. Banta said it’s reorganizing its print division’s five business sectors into two divisions in order to eliminate management infrastructure and reduce expenses.
Banta expects these moves to save it $27 million in 2007 and $35 in 2008, despite incurring pre-tax charges of $9 million this year.
Meanwhile, the company announced several growth initiatives, including the addition of facilities in Shenzhen, China and the payment of a special dividend of $16 per share.
