FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
March 9, 2006
Buhrmann NV
(Translation of Registrants Name Into English)
Hoogoorddreef 62 |
1101 BE Amsterdam ZO |
The Netherlands |
(Address of Principal Executive Offices) |
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ý Form 40-F o
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes o No ý
(If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- )
Enclosure: Press Release dated March 9, 2006
PRESS RELEASE
BUHRMANN SETS NEW STRUCTURE FOR CORPORATE EXPRESS NORTH AMERICA
Amsterdam, the Netherlands, 9 March 2006 - Buhrmann today announced an organisational restructuring of Corporate Express North America designed to improve customer and product line focus, accelerate sales growth and drive cost efficiencies. The new streamlined structure will be effective 1 July 2006.
The new structure will replace the current geographic profit center approach in the United States with a customer segment and product line driven organisation. A key element of the new structure is the creation of a dedicated commercial office products organisation to focus specifically on mid-market and local customers. From a product perspective, furniture and facility supplies will become stand-alone businesses, with dedicated sales and marketing capabilities.
Frans Koffrie, Buhrmann President and CEO, commented: While the current structure has served us well in building and integrating our North American operations, this new approach provides the opportunity to move the business to a heightened level of performance in terms of customer service and cost effectiveness.
In addition to driving sales through enhanced accountability and focus, the new structure will result in significant cost reductions, primarily through the elimination of management positions and the continued centralisation of functional activities. The transition to the new organisation will be seamless to customers, as local sales and distribution operations will remain in place.
Like our recently announced centralisation of customer care and local administrative operations, this action is a logical result of our ongoing continuous improvement process.
Annual savings following todays announcement are estimated at USD 30 million, of which USD 10 million is expected to be achieved in the second half of 2006. One-time costs of USD 55 million to cover severance and other costs will be incurred of which USD 25 million will be reported as exceptional costs in the first quarter of 2006. These savings and costs are in addition to those related to the centralisation of back-office functions, which was announced on 10 November 2005, and is progressing well in terms of schedule and expected benefits.
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Additional information
Buhrmann is one of the worlds leading suppliers of office products to businesses and institutions. In addition, Buhrmann is distributor of graphic equipment and related services in six European countries. As a customer-focused and sales-driven organisation, Buhrmanns products are used by millions of people as part of their daily work routine.
Buhrmanns office products activities are operating worldwide mainly under the brand name Corporate Express and have a widespread global distribution network spanning North America, Europe and Australia.
Headquartered in the Netherlands, Buhrmann generated 2005 annual sales of EUR 5.9 billion. With a future shaped by almost 18,000 employees, Buhrmann has operations in 18 countries. The financial results for the first quarter 2006 will be published on 3 May 2006. Buhrmann is listed on Euronext Amsterdam (Euronext: BUHR) and in New York (NYSE: BUH).
Safe Harbour Statement
Statements included in this press release, which are not historical facts are forward-looking statements made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Such forward-looking statements are made based upon managements expectations and beliefs concerning future events impacting Buhrmann and therefore involve a number of uncertainties and risks, including, but not limited to industry conditions, changes in product supply, pricing and customer demand, competition, risks in integrating new businesses, currency fluctuations, the transition from Dutch GAAP to IFRS reporting and the other risks described from time to time in the Companys filings with the US Securities and Exchange Commission, including the Companys Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 7, 2006. As a result, the actual results of operations or financial conditions of the Company could differ materially from those expressed or implied in such forward-looking statements. All IFRS information is unaudited containing details of the transitional adjustments required to present certain historical financial results of the Company under IFRS. Future presentation of this historical financial information may represent different results than those in this report. IFRS statements are subject to change and should be carefully considered, and it should be understood that still factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, changes in regulations or interpretations related to the implementation and reporting under IFRS, decisions to apply a different option of presentation permitted by IFRS, and various other factors related to the implementation of IFRS. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BUHRMANN NV |
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By: |
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/s/ F.H.J. Koffrie |
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Member Executive Board |
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By: |
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/s/ H. van der Kooij |
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Company Secretary |
Date: March 9, 2006