Standard Register plans to reduce work force by 5 percent
Thursday, October 30, 2008
DAYTON — Standard Register is announcing a "realignment" that will reduce its work force by five percent and cut annual costs by $33 million.
The impact on the company's Dayton work force was not immediately available. The Albany Street-based company has about 500 local employees.
A five-percent cut will affect 150 employees "spread throughout the country," said Lesley Sprigg, a Standard Register spokeswoman. She could not give a local number.
The reduction in force will be completed by year's end, offering a yearly savings of $11 million, the company said.
Going forward, the document services company will focus on the health care, industrial and commercial market segments, it said.
"Re-focusing our go-to-market approach will allow for increased market coverage in these key areas while improving overall client satisfaction," Standard Register's acting chief executive officer, Joe Morgan, said in an announcement.
"The continued decline in demand for our traditional offerings have led us to refine our strategic direction to invest in areas with long-term growth opportunity," Morgan said. "Current economic conditions have accelerated the pace of our actions."
For the third quarter of 2008, the company announced a freeze of pension benefits, consolidation of some print centers and warehouses and a reorganization of field sales support.
Separation costs associated with the restructuring are estimated at $2.2 million, most of which will be recorded in the fourth quarter, the company said.
In the summer of 2007, the company cut 250 jobs, including 70 locally.
Shares of Standard Register (NYSE: SR) were up 52 cents at $6.48 at about 3:40 p.m.
Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.
Comments
By Bill
November 3, 2008 10:49 AM | Link to this
Ask Michigan and Detroit about having a democratic gov and mayor for the last 8 years. Democrats are totally at the root cause of this current global fiasco. Community Reinvestment Act, 1978, Jimmy Carter, meant to stop banks from red lining entire neighborhoods and loan money to low income people. 1992 Bill Clinton and Demo Congress decide to increase funding to CRA and using community organizations increase the number of loans the banks are required to make or stop them from their exp plans
By Rufus
November 1, 2008 10:08 AM | Link to this
Stop the hate, both sides. Just STOP!
By janet
October 31, 2008 1:33 PM | Link to this
bye bye janet eastmen
By Joe
October 31, 2008 11:07 AM | Link to this
Dayton is a great town, with big city amenities, no traffic, great institutions including UD and Wright State, and a tremendous anchor/asset with WPAFB …. and all you ever read about are complaints, woe is me, and the town sucks. Can be depressing and cannot help lead a great community to a better future!
By John F
October 31, 2008 10:38 AM | Link to this
Very worried. Worried about how screwed this country will be with a Manchurian candidate and a confused unchristian diva running it. Send comrade McCain back to China, Cuba, or Vietnam where he will feel more at home.
By Mr. G.
October 31, 2008 10:04 AM | Link to this
Mr, Barak can,t save himself without his Chicago hoods and endless pipeline of MONEY from you know where.
By Bob
October 31, 2008 9:22 AM | Link to this
Then why is cites that are run by rebublicans doing far better than democratic run cites.
By Fredo
October 31, 2008 8:53 AM | Link to this
Dayton is a dying town. There is ZERO growth and ZERO future. All should be afraid in Dayton. NCR is always laying off 5 to 10 people every other week, it just flies under the radar for some reason. GM is gone, never coming back. NCR and Std Reg slowly going away. Within 5 years, NCR will be completely gone. Start looking to move away from the dead zone that is Dayton Ohio ….
By Jeff
October 31, 2008 8:36 AM | Link to this
I’m VERY worried. Whenever a republican is in office, the economy goes straight down in the sewer. They are for the rich and don’t give a crap about the working man. Educated CEO idiots.
By barking bulldog
October 31, 2008 7:33 AM | Link to this
Barak will save us!