Baldwin Laying Off Workers

[Billbrpt@AOL.COM]

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Baldwin Piano & Organ Co. Announces Workforce Reduction

  
Initial phase of restructuring focuses on efficiencies   

and elimination of redundancies  

MASON, Ohio, June 6 /PRNewswire/ -- Baldwin Piano & Organ Company (Nasdaq: <A HREF="aol://4785:BPAO">
BPAO</A>) announced today that the Company will implement a work reduction 
program immediately as the first step of its restructuring program under 
Chapter 11 of the United States Bankruptcy Code.  The reduction will include 
27 employees at the Company's manufacturing facilities in Conway, 
Fayetteville and Trumann, Arkansas, as well as the Company's corporate 
headquarters in Mason, Ohio.  The workforce reduction will reduce the 
Company's annual payroll by an estimated $1,625,780. 

Chief Executive Officer Robert J. Jones said, "The reduction in personnel 
follows an extensive review of our entire operation initiated May 1 when the 
new management team arrived at Baldwin.   In our analysis we targeted areas 
of accountability, workflow, duplication of efforts by personnel and 
consolidations to make operations more efficient." 

Jones added, "Our intent is to provide strong manufacturing capabilities and 
to give our customers and dealers quality service in an efficient, but 
effective manner.  It is never easy to see dedicated employees lose their 
jobs, but this move is a necessary one in our effort to become profitable. 
Management pledges to work diligently in its effort to reorganize under 
Chapter 11 of the United States Bankruptcy Code.  We anticipate returning to 
our primary business, which is the profitable manufacturing of the world's 
best pianos." 

Kenneth W. Pavia, Chairman, stated that he had full confidence in Jones' 
vision for the future of Baldwin.  "Robert Jones and his management team has 
undertaken an exhaustive analysis of the legacy issues hindering the Company 
and has pledged a proactive, diligent, and expeditious approach in attempting 
to resolve them.  Although it is one of the most difficult task management 
has in returning the Company to profitability, reduction in the workforce was 
where management needed to begin its work.  I look forward to working closely 
with this very capable management team as they work through their 
restructuring program and return Baldwin to profitability and the strong 
status the Company once enjoyed." 

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