Standard Register Announces Strategic Restructuring
Dayton, Ohio-based Standard Register, a leader in the management and execution of mission-critical communications, announced a strategic restructuring program to better align the company’s resources in support of its growing core solutions business and to reduce costs to offset the impact of declining revenue in its legacy operations. The restructuring is expected to result in an estimated $45 million in annual savings and the elimination of 12 percent to 15 percent of its workforce over the next six to nine months. Costs associated with the restructuring program are expected to reduce fourth quarter 2011 earnings by approximately $5.5 million, or $0.11 per share, net of tax. The balance of the costs will reduce 2012 earnings by approximately $1.5 million, or $0.03 per share, net of tax.