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Heidelberg warns of 10% sales drop.(Brief Article)(Statistical Data Included)
Heidelberg, the world's biggest printing equipment manufacturer and often viewed as a barometer of industry conditions, has warned of a 10% fall in sales this year after failing to see any recovery in the US and central Europe.
The German firm will launch a pounds 127m (EUR200m) cost-cutting programme to counter the drop.
Chief executive Bernhard Schreier said the economic climate had put restraints on advertising spend, leading to lower capacity utilisation and a reluctance to invest in new equipment. He added that the downturn had affected all divisions.
In Germany, capital expenditure for the print industry is down 11% on the same time last year, while Heidelberg's orders for the first quarter were down 20% on 2001's figures at pounds 700m.
The company said there would be very little growth in the second half of the year, and that the upturn it had expected in July would be 'heavily delayed'.
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