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| BLD > SEC Filings for BLD > Form 8-K on 29-Oct-2008 | All Recent SEC Filings |
29-Oct-2008
Costs Associated with Exit or Disposal Activities, Other Events, Financ
On October 29, 2008, Baldwin Technology Company, Inc. (the "Company") committed to the principal features of a plan (the "Plan") to realign some of its existing operations. The objective of the Plan is to achieve operational efficiencies in Germany by reducing costs to better position the Company in the current competitive marketplace. Actions under the Plan commenced during October 2008 and have been completed.
The costs associated with the Plan will be charged to the Company's results of operations during the second quarter of Fiscal 2009 and consist entirely of employee personnel costs. The Company expects to incur costs of approximately $681,000, anticipated to be paid in cash primarily during Fiscal 2009. No non-cash charges are contemplated in connection with the Plan.
The Company estimates that annual savings from Plan activities, together with other initiatives undertaken during the quarter, will be approximately $2.1 million.
The Company issued a press release dated October 29, 2008, a copy of which is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
(d) Exhibits
99.1 Press release entitled "Baldwin Announces Realignment and Expense Reduction" dated and issued by the Company on October 29, 2008 (furnished herewith).
This Current Report on Form 8-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. All statements other than statements of historical facts included in this Current Report on Form 8-K, including statements regarding the Company's expected restructuring and related charges and expenses associated with the Plan are forward-looking statements. All forward-looking statements speak only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and the markets in which the Company competes, the forward-looking statements of the Company contained in this Current Report on Form 8-K are also subject to the following risks and uncertainties: the Company's restructuring and related charges and expenses associated with the Plan varying materially from management's current estimates of these charges and expenses due to variations in anticipated headcount reductions, contract terminations, and costs of the implementation of the Plan; and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2008, and other Securities and Exchange Commission filings.
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