Let The Layoffs Begin
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"Our other operating units, however, have not been immune from much lower demand and increased competitive pressures...resulting from the economic slowdown and reduced advertising spending," he adds.
The plant closings and work force reductions at R.R. Donnelley come just as the company announces plans to invest $300 million over the next 24 months to upgrade some plants and replace less efficient equipment with faster, more flexible machinery. Since February 1, the company has bought back 2.2 million shares under a program authorizing the purchase of up to $300 million in shares before January 31, 2002. Still, the firm has had volume shortfalls, prompting the closings and reduced work weeks.
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