March 1 (Bloomberg) -- Tony Langley, the self-described industrialist whose Langley Holdings Plc. took over the sheet-fed unit of Germany’s insolvent Manroland AG, plans to return the printing-press maker to profit this year.
Langley doesn’t see the need for any more restructuring and has no plans to fire any of the 1,000 workers remaining at the factory in Offenbach near Frankfurt, he said today at a press conference.
Langley, who pilots his own plane to Germany and back home to England every week, sees long-term “conservative” growth for the printing-press industry, he said. His holding company, which posted sales of 495 million euros ($659 million) last year, sticks with its investments and there are no plans to sell Manroland even in the long term, he said.
“We have a buy, improve, hold strategy,” Langley said. “In my lifetime and my kids lifetime, there will still be print media. The credit freeze will start to thaw as early as this year. The green shoots are there.”
Langley, clad in a navy suit with broad pin-stripes combined with a striped shirt and yellow tie, said he will look for potential savings with his other holdings, for example, through combined purchasing, Such savings weren’t the main reason for buying Manroland, he said.
Langley Holdings, based in Retford, England, also owns Pillar Power Systems, a German producer of uninterruptible power supplies, Claudius Peters, a materials handling business near Hamburg, and Aro Welding Technologies based in France, according to its annual report.
Alfred Rothlaender and Rafael Penuela Torres are to manage Offenbach, Germany-based Manroland.
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