Bloomberg News

Independent May Sell S. Africa Printing Unit, I-Net Bridge Says

May 11, 2012

Independent News & Media Plc (INM) may sell its printing division in South Africa’s Gauteng province to cut costs to better cope with lower advertising sales, I-Net Bridge said, citing unidentified people close to the company.

The company is close to completing a plan that includes shutting its printing operation in Gauteng and the reduction of as much as 200 jobs, the Johannesburg-based news service said, citing the people. Gauteng is the main business hub of South Africa and includes Johannesburg and Pretoria.

David Ringrose, the finance director of Independent News South Africa, declined to comment, while Tony Howard, the chief executive officer of Independent News South Africa, didn’t respond to requests from I-Net for comment. Independent News Chief Executive Officer Vincent Crowley did not immediately return a message left with an employee at the company’s Dublin office today.

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus