Ikon restructure cuts staff by 5 pct


1 March 2005 – Valley Forge (PA): Ikon Office Solutions is to cut about 1,500 jobs in North America, or five per cent of its global work force, as part of a broad restructuring plan to increase productivity and cut costs.

The restructuring efforts will see the company exit the document services business, scale back its legal document services unit and alter its North American operations to focus on more profitable investments.

The company expects to incur pre-tax charges of $38 million to $52 million, or 18 to 25 cents a share, as a result of the restructuring plan.