Heidelberg has begun a wide-ranging “action package” to restore profitability that could see up to 2,000 jobs lost across the globe, as well as possible plant closures. The Germany-based press manufacturer currently has about 11,000 employees worldwide. The new strategy, characterized by the OEM as “painful changes,” is aimed to refocus the company on its most profitable business units.
CEO Rainer Hundsdörfer said that planned job and operations’ cuts were still in the discussion phase and further details “could not be disclosed at this time.” Heidelberg plans to use the additional liquidity to eliminate nearly all of its net debt (in particular to pay off a high-yield, 150-million-euros bond early) and to substantially improve the company’s financing structure. Heidelberg has sales of about $2.6 billion worldwide.