UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
December 21, 2007 (December 20, 2007)
Baldwin Technology Company, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-9334 13-3258160
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(Commission File Number) (IRS Employer Identification No.)
Two Trap Falls Road, Suite 402, Shelton, CT 06484
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(Address of Principal Executive Offices) (Zip Code)
203-402-1000
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.05 Costs Associated with Exit or Disposal Activities
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On December 20, 2007, Baldwin Technology Company, Inc. (the "Company")
committed to the principal features of a plan (the "Plan") to restructure some
of its existing operations. The objective of the Plan is to achieve operational
efficiencies in Germany. Actions under the Plan commenced in December 2007. The
Company currently expects to substantially complete the Plan by the end of the
Company's current fiscal year, which ends on June 30, 2008 ("Fiscal 2008").
The costs associated with the Plan will be charged to the Company's
results of operations during the second quarter of Fiscal 2008 and consist
entirely of employee personnel costs. The Company expects to incur costs of
approximately $960,000 anticipated to be paid in cash primarily during Fiscal
2008. No non-cash charges are contemplated in connection with the Plan.
The Company estimates that annual savings from the above activities will
be about $1.2 million.
Item 8.01 Other Events
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The Company issued a press release dated December 21, 2007, a copy of
which is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
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(d) Exhibits
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99.1 Press release announcing restructuring plan issued by the Company
December 21, 2007 (furnished herewith).
This Current Report on Form 8-K contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
are subject to a number of risks and uncertainties, many of which are beyond the
Company's control, which could cause actual results to differ materially from
those set forth in, or implied by, such forward-looking statements. All
statements other than statements of historical facts included in this Current
Report on Form 8-K, including statements regarding the Company's expected
restructuring and related charges and expenses associated with the Plan are
forward-looking statements. All forward-looking statements speak only as of the
date of this Current Report on Form 8-K. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. In addition to the risks and
uncertainties of ordinary business operations and conditions in the general
economy and the markets in which the Company competes, the forward-looking
statements of the Company contained in this Current Report on Form 8-K are also
subject to the following risks and uncertainties: the Company's restructuring
and related charges and expenses associated with the Plan varying materially
from management's current estimates of these charges and expenses due to
variations in anticipated headcount reductions, contract terminations, and costs
of the implementation of the Plan; and other risks and uncertainties described
in the Company's Annual Report on Form 10-K for the fiscal year ended June 30,
2007, and other Securities and Exchange Commission filings.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
BALDWIN TECHNOLOGY COMPANY, INC.
(Registrant)
By: /s/ John P. Jordan
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John P. Jordan
Vice President, Treasurer and
Chief Financial Officer
Dated: December 21, 2007
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