FRANKFURT, Germany (AP) -- German printing press maker Heidelberger Druckmaschinen AG said Thursday it will axe up to 2,500 jobs in a cost-cutting drive as it deals with declining demand for printed periodicals.
The Heidelberg-based company also said it would implement shorter work days at its German production sites after it warned of a significant drop in sales and lower pretax earnings for its current financial year, which ends March 31.
"The financial result is also expected to be down due to the current financial crisis and the movements in interest rates," it said in a statement.
It added that, because of the "unpredictable nature of the current financial crisis," it could not provide a forecast for the current fiscal year, much less next year.
The company expects the cost cutting measures to save it upward of 200 million euros ($255.7 million) by 2011.
The company employs approximately 19,730 people worldwide in Germany, Sweden, Slovakia, Switzerland, China and Sidney, Ohio in the United States.
Heidelberger shares were up 7.5 percent to 7.28 euros ($9.30) in Frankfurt trading.