*GAAP net sales decreased 15.9%; non-GAAP organic net sales decreased 12.1% *GAAP income from operations was down $55.1 million versus the prior year primarily due to a $56.5 million increase in restructuring and other charges; current quarter included a charge for MEPP withdrawal obligations related to the LSC Communications (“LSC”) bankruptcy *GAAP loss per share from continuing operations of $0.13 included third quarter charges of $0.52 per share for restructuring and other *Operating cash flow, including discontinued operations, increased $40.1 million from prior year period, year-to-date improvement now at $113.0 million *Entered into definitive agreement to sell its Logistics DLS Worldwide business for $225 million, expected to close by year end *Launched plan to redeem $83.3 million of principal outstanding on Senior Notes due March 15, 2021
Prinovis management informed the 545-strong workforce at Prinovis Ahrensburg, near Hamburg, last Thursday that it would cease operations at the site by 31 January 2024.
Ulrich Cordes, managing director of Prinovis and CFO of Bertelsmann Printing Group, described the decision to close the loss-making site as a difficult but unavoidable due to market conditions.
The company blamed the structural decline in the European gravure printing market over the past decade driven by falling demand for high-volume magazines and catalogues.
full story at: https://www.printweek.com/news/article/bertelsmann-exits-gravure-with-final-prinovis-plant-closure