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<B>
<P align=center>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</P>
<P align=center>FORM 8-K</P>
<P align=center>CURRENT REPORT</P></B>
<P align=center><FONT size=2>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</FONT></P>
<P align=center><FONT size=2>
Report as of July 22, 2003</FONT></P><B>
<P align=center>GENERAL BINDING CORPORATION</B><FONT size=2><BR>(Exact name of
registrant as specified in its charter)</FONT></P><B>
<P align=center>Delaware</B><FONT size=2><br>
(State or other jurisdiction of incorporation or
organization)</FONT></P>
<P align=center><b><font size="3">0-2604</font></b><FONT size=2><br>
</FONT>(<FONT size=2>Commission File Number)</P>
</FONT><B>
<P align=center>36-0887470</B><FONT size=2><br>
(I.R.S. employer identification No.)</P></FONT><B>
<P align=center>One GBC Plaza,<br>
Northbrook, Illinois 60062</B><FONT size=2><br>
(Address of principal executive offices, including zip code)</P>
</FONT><B>
<P align=center>(847) 272-3700</B><FONT size=2><br>
(Registrant's telephone number, including area
code)</FONT></P>
<B>
<hr>
<P>Item 5. Other events</P>
</B><P>On July 17, 2003, GBC announced several measures aimed at improving its
cost structure and reducing its expenses.&nbsp; Certain labor-intensive
manufacturing operations will be relocated from GBC's facility in Booneville, MS
to its plant in Nuevo Laredo, Mexico.&nbsp; Additionally, certain operations
currently performed in Booneville will be outsourced to third party
suppliers.&nbsp; The Company also completed a workforce reduction program in
other locations.</P>
<P>Approximately 365 employees (or 9%) of GBC's workforce will be affected by
the changes, which are expected to generate over $2 million of profitability
improvement in 2003 and more than $10 million in annualized improvement by
mid-year 2004.</P>
<P>The Company expects to take charges totaling approximately $9.5 million
related to these cost reduction programs, about $8.4 million of which will be
recognized in the second quarter of 2003. The cash portion of the charges is
estimated at about $4 million, principally related to severance expenses. The
remaining charges will be non-cash and are mainly related to asset impairments
at the Booneville facility.</P>
<B>
<P><font size="3">Item 7. Financial statements and Exhibits</font></B></P>
<P><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;
Exhibit 20 -
Other Documents or Statements to Security Holders:</font>
</P>
<P><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GBC press release dated July 17, 2003.</font>
</P>
<P align="center"><font size="3">2</font>
</P>
<P align="center">&nbsp;</P>
<P align="center"><B><font size="3">SIGNATURES</font></P></B>
<P><font size="3">Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.</font></P>
<FONT size=2>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
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<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%"><b>GENERAL BINDING CORPORATION</b></td>
    </FONT>
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    <td width="50%"><br>
</td>
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    <td width="50%"></td>
    <td width="50%">By <u>/s/ Steven Rubin</u></td>
    </FONT>
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<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven Rubin</td>
    </FONT>
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<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President, Secretary and</td>
    </FONT>
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<FONT FACE="Times,Times New Roman">
    <td width="50%"></td>
    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Counsel</td>
    </FONT>
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    <td width="50%"></td>
    <td width="50%"><font face="Times,Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      July 22, 2003</font></td>
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    <td width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
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<P>&nbsp;</P>
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<P align="center">&nbsp;</P>
<p align="center">3</p>

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Report as of July 22, 2003
GENERAL BINDING CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or
organization)
0-2604
(
Commission File Number)
36-0887470
(I.R.S. employer identification No.)
One GBC Plaza,
Northbrook, Illinois 60062
(Address of principal executive offices, including zip code)
(847) 272-3700
(Registrant's telephone number, including area
code)
Item 5. Other events
On July 17, 2003, GBC announced several measures aimed at improving its
cost structure and reducing its expenses.  Certain labor-intensive
manufacturing operations will be relocated from GBC's facility in Booneville, MS
to its plant in Nuevo Laredo, Mexico.  Additionally, certain operations
currently performed in Booneville will be outsourced to third party
suppliers.  The Company also completed a workforce reduction program in
other locations.
Approximately 365 employees (or 9%) of GBC's workforce will be affected by
the changes, which are expected to generate over $2 million of profitability
improvement in 2003 and more than $10 million in annualized improvement by
mid-year 2004.
The Company expects to take charges totaling approximately $9.5 million
related to these cost reduction programs, about $8.4 million of which will be
recognized in the second quarter of 2003. The cash portion of the charges is
estimated at about $4 million, principally related to severance expenses. The
remaining charges will be non-cash and are mainly related to asset impairments
at the Booneville facility.
Item 7. Financial statements and Exhibits
(a)   
Exhibit 20 -
Other Documents or Statements to Security Holders:
GBC press release dated July 17, 2003.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GENERAL BINDING CORPORATION
By
/s/ Steven Rubin
Steven Rubin
Vice President, Secretary and
General Counsel
July 22, 2003
3