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Business

Printing Giant Slashes Jobs as Ad Slump Continues

Heidelberger Druckmaschinen, the world's largest maker of printing machinery, announced on Thursday that the current advertising slump in the magazine industry will force the company to slash 1000 jobs and sell the unit that makes presses for magazines and newspapers. The Heidelberg-based company, part owned by German utilities giant RWE, is hoping to off-load the ailing unit for €400 million ($478 million). The news follows on from a recent announcement that Heidelberger expects to make further losses this year, and that 3,200 jobs would be eliminated in the cuts, an act that would reduce the work force to 23,000. Once the magazine and newspaper division is sold, the company plans to concentrate on presses for packaging and labeling.