Heidelberg Reaches Pact with Employees on Reductions

HEIDELBERG, GERMANY—The management board and Workers' Council of Heidelberger Druckmaschinen AG (Heidelberg) have reached an agreement regarding the implementation of the "FOCUS 2012" efficiency program. The consensus reached provides for savings on personnel costs, more flexible working time arrangements, and worldwide job cuts that will reduce its current workforce of about 15,500 to fewer than 14,000 by mid-2014.