Moore Posts Loss, Slashes Operations

Moore Corp., the world’s largest maker of business forms, said it will cut 4,800 jobs, or 24% of its work force, sell factories and record a $630-million pretax charge in an effort to return to profitability. Moore announced the moves as it recorded a wider-than-expected loss for the second quarter amid stiff competition and rising costs. The Toronto-based company said it will close seven of its 37 plants in North America and pull out of Asia and Australia. About 1,900 of the job cuts will be made at its U.S. plants, and the remaining 2,900 will come through asset sales. The cuts, which are deeper than expected, are expected to result in $120 million in savings by 2001. Moore said it lost $21 million, or 24 cents a share, in the latest quarter, contrasted with profit of $30 million, or 31 cents, a year ago, as revenue rose 8.2% to $667.7 million. The average estimate by analysts was for a loss of 7 cents. Moore’s shares fell 88 cents to close at $11.81 on the NYSE.