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Metro International (STO:MTROA) Metro International SA ("Metro"), the world's largest international newspaper, announces that it will reduce its overall workforce in Denmark by approximately 20-25% to adjust the company's cost structure for the current economic conditions.
The workforce reduction will involve employees from Metro's two Danish titles; MetroXpress and 24 Timer. The exact number of redundancies will be determined when the negotiations with the Danish Union have been completed at the end of November 2008.
Anders Kronborg, Chairman of the Board in Denmark, said: "We are taking these difficult actions not only in response to the current industry conditions, but also to realize synergies between MetroXpress and 24 Timer which was part of the strategy for acquiring a stake in 24 Timer earlier this year. Synergies will mainly be generated in the editorial departments; however all other functions will be affected as well."
The moves announced today are expected to produce annual savings in the 2009 fiscal year of about € 2.0 million. The company expects that the workforce reduction will also result in a charge in the fourth quarter of 2008 of approximately € 0.6 million for estimated cash severance payments.
For further information please contact:
Per Mikael Jensen, CEO and President tel: +44 (0)20 7016 1300 Anders Kronborg, CFO tel: +44 (0)20 7016 1300
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ABOUT METRO INTERNATIONAL AND METRO Metro is the largest international newspaper in the world. Metro is published in over 150 major cities in 20 countries across Europe, North & South America and Asia. Metro has a unique global reach - attracting a young, active, well-educated Metropolitan audience of over 20 million daily readers. Metro's advertising sales have grown at a compound annual rate of 38% since the launch of the first edition in 1995.
Metro International 'A' and 'B' shares are listed on the OMX Nordic Exchange's Nordic List under the symbols MTRO SBD A and MTRO SBD B.
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