Namprint unveils voluntary retirement strategy
By Confidente Reporter
THE Namprint (Pty) Ltd board of directors has announced a decision to embark on an extensive turnaround strategy which hinges on voluntary retirement.
Namprint, which was established in 1990 and specialises in printing services to both the public and private sector, has found itself financially distressed due to a decline in revenue, and is experiencing challenges in meeting its operational costs.
The company’s new strategy includes repositioning the business to compete and grow.
This will be achieved by reducing costs in the immediate short term, with the aim to ensure the onboarding of the required skills in the longer-term, given the ever-evolving technological development in the industry.
The board has thus resolved to approve a proposal for voluntary early retirement and release from service packages for Namprint employees, as part of the longer-term cost reduction initiatives. Consultations with the shareholder regarding the matter are still ongoing.
“The Board of Directors wishes to emphasise that this is a voluntary offer. It is not mandatory that any Namprint employee accepts this offer. The voluntary early retirement option is made in good faith by the Management and the Board of Directors, to ensure the long-term sustainability of the company,’’ stated Elmo Kaiyamo, Chairperson of the Namprint (Pty) Ltd board of directors.
The board decided that the package options be offered to all employees of the company who include employees who are eligible for early retirement (at least five years before normal retirement age) and a voluntary offer to be released from service to be made available to all other employees.
“The turnaround strategy that will be implemented will address both strategic and operational issues. The Rescue Plan’s main objective will be to cut costs, grow revenues and improve governance structures. This perspective is both short and long term. We have taken the decision to tackle both hard and soft elements within Namprint in order to achieve four key goals, namely; take control and manage the immediate financial pressure, optimise longer term operational costs, and reposition the business to exploit opportunities in the ever changing and very competitive printing industry,” concluded Kaiyamo.