The company will close its heatset operations at Salisbury South in South Australia as well as decommissioning its Rotoman 8 Press at Wacol in Queensland, according to a statement submitted to the ASX today.
Acting CEO Richard Allely cited pressures from the global financial crisis as the primary motivation for the move.
"We expect increasing price pressure as the worsening economic conditions reduce demand in an already highly competitive market," said Allely. "Optimising PMP Print's most reliable and best performing presses will deliver much needed cost reduction benefits in the second half of the year."
Brian Evans stepped down as chief executive of PMP just last month, with the company already forecasting lower earnings for 2009.