In January 2012, the Company announced a two-year strategic restructuring plan to better align its resources in support of the growing Core solutions business and reduce costs to offset the impact of declining revenues in Legacy products. When fully implemented at the end of 2013, annual savings of $60 million are expected to be realized. Through 2012, the Company achieved approximately $40 million of savings and incurred nearly all of the expected $10.0 million in cumulative costs associated with the program.Standard Register contributed $22.7 million to the Company’s qualified pension plan in 2012, including $2.0 million more than required for the year. With relief provided by the Moving Ahead for Progress in the 21 st Century Act (MAPS-21), commonly called the highway bill, and the additional $2.0 million of funding in 2012, contributions for 2013 and 2014 are expected to be $24.8 million and $36.4 million, respectively.
Standard Register Reports Fourth Quarter 2012 Financial Results
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