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June 2, 2003

GN Store Nord to cut US costs

From: Forbes - Jun 2, 2003

COPENHAGEN, June 2 (Reuters) - Denmark's hearing aid maker GN Store Nord GN.CO said on Monday it would gather most of its American production of hearing aid devices at its Mineapolis location, a move that would cut costs.

GN Store Nord said it would also reduce its American workforce by 125, boosting its financial results by around 30 million Danish crowns ($4.78 million) per year from 2005, it said in a statement.

The changes, part of the company's "Closing the Margin Gap project", would cost around 35 million crowns, which will be included in its second quarter statement this year.

In total, GN Store Nord expects total restructuring costs of 150 million crowns this year.

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