Following on from its decision in February to cut 76 jobs at its operations in South Australia and Queensland, the company expects most of the redundancies will be made on a voluntary basis, and will incur an estimated charge of $4.5 million.
"This decision has been made as a consequence of declining print volumes in a deteriorating market," the company said in a statement to the ASX. "The reduction in permanent employees will reflect a more appropriate match of labour to production and will not have any adverse impact on PMP Print's customers."
"While PMP had sought to avoid redundancies through other initiatives it was left with no alternative at this time," said chief executive Richard Allely.
Allely just last week flagged a "transformation" of the Print business, which included the appointment of Peter George as the new head of PMP Print.
PMP says it "will work with local management, employees and the union over the coming weeks to support all staff while the redundancies take effect".
The company added that it now expects its second half earnings before tax will be below its first half results as a result of the market downturn.