Forms Printer Reports Restructuring Progress

DAYTON, OHIO—Standard Register, a business forms printer with nearly $1.3 billion in annual sales, has reported that it is nearing the end of the restructuring phase of its plan to revitalize itself. Since announcing its plans in January, the company has eliminated 1,600 jobs and closed 21 production facilities, 110 sales offices, and 21 warehouses.

Standard Register had previously announced that it would reduce its work force by 2,400 people and reduce manufacturing capacity by 30%. The company believes that these reductions, once complete, will save $125 million annually.

"While we've dedicated tremendous time and energy to restructuring the company," reports Dennis Rediker, chief executive, "we have not lost sight of the big picture. We're now entering the phase where we will focus on performance improvements and growth initiatives that will move the company forward."

He says that the company, which will invest $41 million this year to improve performance and position itself for growth, expects to emerge from 2001 as a smaller, but more profitable, enterprise organized into strategic business units and focused on improving shareholder value.