Heidelberg Concludes Negotiations on Planned Job Cuts

HEIDELBERG, GERMANY—10/07/2009—The management and employee representatives of Heidelberger Druckmaschinen AG (Heidelberg) have agreed on a reconciliation of interests and a redundancy plan for around 1,300 job cuts at the company's German sites in Heidelberg, Wiesloch/Walldorf, Amstetten, Brandenburg, Ludwigsburg, and Mönchengladbach. A reconciliation of interests and a redundancy plan were concluded at the Mönchengladbach site back in August. A further 200 employees have agreed to leave the company on a mutually acceptable basis, making a total of 1,500 job cuts at the German sites in financial year 2009/2010.