GERMANY— Claus Bolza-Schünemann Koenig & Bauer’s chief executive said the business had taken “careful note” of the recent financial releases from listed competitors Heidelberg, Bobst and Komori. In general, we believe that price cuts to expand or maintain market shares in limited markets, which can at most be subject to macroeconomic fluctuations, is the wrong concept. We are not aware of any capital goods market in which a competitor successfully – meaning that it resulted in profit growth – added market share through price cuts. On the contrary such an approach always weakens the margin and thus also the innovation and future sustainability of the company.” Bolza-Schünemann concluded: “The only, and in our view most logical way to deal with fluctuations in demand is active and fast cost structuring while continuing to work on innovative products which enable customers to  realise tangible added-value.”