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Printer Manufacturer Heidelberger Expects Loss

The world’s largest printing machine manufacturer, Heidelberger Druck, said on Tuesday it expects to post a loss for 2003. The Heidelberg, Germany, company is forecasting a loss of €50 to €70 million ($75.7 million), citing recent restructuring measures and expenses related to worker layoffs. The company had originally set its revenue target at €4.5 billion, but on Tuesday, CEO Bernhard Schreier revised expected turnover to €4.1 to 4.2 billion. During the first nine months of 2002, Heidelberger Druck lost €82 million, with revenues of only €2.9 billion compared to €3.6 billion the same period the previous year.