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Heidelberg Concludes Employee Reconciliation

July 19, 2010

The management and works council of Heidelberger Druckmaschinen AG have agreed on what the company refers to as a package of measures in a reconciliation of interests. As a result of the agreement, Heidelberg also plans to cut another 500 jobs worldwide until October 2010, with around one third of these in the sales organizations.

According to a press statement from the company, the package comprises an agreement to forgo collectively agreed payments and company contributions, the company's option of drawing on additional working hours and a new working-time concept.

One element of the agreement is that staff can voluntarily reduce their contractual working hours to 57 percent of the original level on a permanent basis, with a corresponding cut in pay. The company will provide compensation for part of the lost salary for a period of maximum four years. The working hours of staff adopting this employment model will be based on company needs.

"Following constructive talks, management and employee representatives have agreed on a Heidelberger Weg (Heidelberg Way), a strategy for adapting existing capacities to the order situation while still keeping as many staff and thus as much valuable know-how as possible at the company," stated Heidelberg CEO Bernhard Schreier. "We have also achieved our savings targets. The package of measures now agreed marks a new departure for everyone involved in the negotiations and demonstrates a great sense of responsibility on all sides."

As of June 2010, Heidelberg had a workforce of 16,218 worldwide, with over 10,000 of that number being based in Germany.

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