Cinram Restructuring Includes Layoffs.(Brief Article)

Tape-Disc Business, January, 2001

Toronto, Canada-based media manufacturer Cinram International announced a company-wide restructuring that will include an undisclosed number of layoffs. A call to Cinram regarding the exact number of layoffs was not immediately returned.

Cinram earnings have been reduced by a number of internal and external factors including start-up costs incurred with regard to two new contracts with Twentieth Century Fox, lower product demand and selling prices, and higher raw material costs, the company said in a prepared statement. In particular, fourth quarter orders for audio CDs and CD-ROMs were well below expectations. Cinram anticipated fourth quarter operating income to be break-even.