Acco Brands to cut 2% of jobs

By Reuters
Posted March 23 at 4:32 p.m.

Office products maker Acco Brands said it would eliminate about 2 percent of its jobs and incur about $6 million in pre-tax costs in 2011 as it enforces a cost savings plan in its European business.

The costs will “predominately” be recorded in the quarter ending March 31, 2011, with the remainder of the costs expected to be incurred by the end of 2011, it said in a statement.

Acco Brands expects the savings plan to result in about $6.5 million in annualized cost savings when fully realized, with about $5.2 million expected to be realized in 2011.

Lincolnshire, Illinois-based Acco Brands said the cost savings activities would principally take place in European sales, marketing, freight and distribution, and customer service operations.

Acco Brands has about 4,000 employees, according to its website.

The company, which reported net sales of $1.33 billion in 2010, had said it expects 2011 to remain challenging due to consumer and business spending uncertainties.

Shares of the company closed at $9.02 Wednesday on the New York Stock Exchange.

Read more about the topics in this post:

Companies in this article


Read more about this company »

Comments are closed.