Corporate Express announced today cost reduction measures at its US headquarter aimed to reduce overhead expenses.
Corporate Express US aims to reduce overhead expenses at its US headquarter. Staff reduction and other cost reduction activities generally target non-customer facing and non-direct field support positions to ensure there are no disruptions to service levels for our customers.
Annual cost savings are estimated to amount to USD 18 million as from 2008. One-time costs of USD 21 million of which USD 13 million severance charges and USD 8 million asset write-offs will be incurred over the next three quarters and reported as special items.