Upfront 2-01

Bowne Reveals Cost Reductions
NEW YORK—Bowne & Co. revealed it will take additional steps in its cost reduction program that are expected to result in reductions in fixed and variable costs of more than $20 million in 2001. The cost-cutting initiatives are further realignments in manufacturing and composing operations, elimination of certain underutilized resources and a roughly 3 percent worldwide staff reduction through attrition, layoffs and reassignments. Bowne estimates that the related restructuring expenses will result in a fourth quarter pre-tax charge to earnings of less than $2 million. The company previously announced $7 to $9 million in annual cost savings, resulting from the combination of the Internet unit, Immersant, and Bowne Global Solutions' content business unit.