Thursday, October 30, 2008

Baldwin lays off 21 in printing automation

By Mass High Tech Staff

Baldwin Technology Company Inc., the Shelton, Conn.-based global printing process automation equipment manufacturer, announced it will lay off 21 staff members in cost-saving measures designed to keep the company’s bottom line closely hewn to demand for new printing equipment. The move will reduce the company’s global head count from 656 as of Sept. 30, to 635.

The company’s cost-saving steps -- which include realignment of German operations, scaling back of American operations and consolidation of its Swiss and Swedish operations -- will save the company a total of $2.1 million in the fiscal year, said chief financial officer John Jordan. The cost reduction plan will cost about $681,000, Jordan said.

Baldwin Technology (NYSE Alternext US: BLD) reported total net sales of $55.9 million in the first quarter of their 2009 Fiscal Year, which ended Sept. 30. The number represents an increase of $2 million over net sales for the same quarter last year, CEO Karl Puehringer said. Currency exchanges had a favorable impact on sales to the tune of $3.1 million, the company said in a release this morning.

“I’m very pleased with the overall performance of our company during this first quarter,” Puehringer said during the call. “Despite a challenging environment, Baldwin is able to report an improved result.”

While printers and publishers are cautious in committing resources to new capital purchases, Puehringer said he expects more customers will stay with existing equipment, increasing income for Baldwin’s parts and services units. In addition, emerging technology regulations are likely to create demand for the company’s cleantech printing products.