Plan Sees Bowne Eliminating 650 Jobs

NEW YORK—Despite garnering a first quarter profit of $71 million on sales of $208.8 million, Bowne & Co. announced a cost reduction initiative that will see the financial printer reduce its workforce by 15 percent.

Bowne is targeting $50 million in annualized cost reductions in 2008 as part of a continued focus on improving its cost structure. The result is that about 650 employees will be released, which will account for $21 million in savings.