Paxar Corporation (NYSE: PXR) has announced today that it is to introduce several new cost saving initiatives in an attempt to reduce its operating costs by $3.3m annually.

The aim is to expand its manufacturing facility in Miamisburg, Ohio, by relocating the manufacture of bar code supplies from Toronto, Canada, to the Ohio facility. Focus at the base in Toronto will then shift towards servicing its customers with innovative tracking solutions.

Paxar will also continue to streamline its business in the United Kingdom following the acquisition of Ferguson in 1999.

Paul Griswold, president and chief operating officer, said: "We remain committed to improving operating efficiencies and enhancing the service we provide our customers. The actions we have announced today are consistent with that commitment as we build our business going forward."