I know we're living in crazy times, but have you seen Heidelberg's share price? It's down at €6.69 as I type, and has recently descended to a new ten-year low of €6.64. A year ago the stock was at €29, and just two years ago the company spent the best part of €140m on a share buyback at an average price per share of €33.42. Ouch.

Heidelberg is stuck between a rock and a hard place, with massive fixed costs (I don't think foundries come terribly cheap) and a double-digit drop-off in sales as customers cancel or postpone their heavy metal investments in the face of economic uncertainty and difficulties finding finance. The other issue being a switch in spend to the type of printing kit that Heidelberg doesn't actually sell. Here on the small island, the strengthening of the euro against the pound has also adversely impacted on sales. The same is, of course, true for fellow German press manufacturers Manroland and KBA, but for whatever reason Heidelberg is bearing the brunt of the financial market backlash.

The group will announce its half-year figures on 6 November, together with a full forecast for the financial year.  In its latest statement Heidelberg said that its agreed package of cost-cutting measures "... will be expanded according to the economic development". Looking at the recent announcement from Xerox and the thousands of jobs that will go worldwide there, it's hard to believe that Heidelberg will be able to sustain "the no job losses in Germany" measures agreed in the summer of 2007. This formed part of the group's arrangement with its workforce about safeguarding the future, which was set to run until 2012. The world is a very different place today.