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                                                                 Exhibit 10.43
March 28, 2001

Peter E. Anselmo
20 Revere Place
Ridgefield, CT  06877

Dear Pete:

This letter will serve as Amendment No. 1 to an agreement dated April 27, 2000
between Baldwin Technology Company, Inc. (the "Company") and you (the
"Employment Agreement").

The Company and you hereby agree to amend Paragraph 3 of the Employment
Agreement as follows:

3.      Stock and Loans. In order to permit you (but only if you, in your sole
        discretion so elect) to purchase shares of the Company's Class A Common
        Stock, par value $.01 per share (the "Class A Stock") and/or the
        Company's Class B Common Stock, par value $.01 per share (the "Class B
        Stock"), that may become available from time to time, you shall be
        eligible, to the extent allowable under the Company's various loan
        covenants or any other legal restrictions under which the Company may
        operate, to obtain loans from the Company in the aggregate principal
        amount of up to twice your then-current base salary which shall be used
        by you to purchase such shares of Class A Stock and/or Class B Stock.
        Any loans made under this section shall (i) not exceed one million
        dollars ($1,000,000.00) in the aggregate, (ii) bear interest, payable
        annually, at a rate equal to the Company's borrowing rate (as adjusted
        on the first day of each calendar quarter) on its U.S. short-term
        banking facilities, (iii) require pledging by you to the Company of all
        shares of Class A Stock and/or Class B Stock purchased using the
        proceeds of any such loans (until sold in part or in full as described
        herein), and (iv) require repayment by you within six (6) months of the
        last day of your employment by the Company, except in case of your
        death, in which instance repayment shall be within twelve (12) months of
        the date of your death. Notwithstanding anything to the contrary
        contained in this Paragraph 3, if at any time you sell any of such
        shares of Class A Stock and/or Class B Stock while any amount of any
        said loan remains unpaid, you shall, within five (5) days of receipt of
        the funds from such sale, pay to the Company, in repayment of part or
        all, as the case may be, of any said loan, an amount equal to (a) that
        amount (the "Principal Repayment") equal to the

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Amendment
March 28, 2001
Page 2 of 2


        product of (i) the aggregate unpaid amount of all such loans, multiplied
        by (ii) a fraction, the numerator of which is the number of shares of
        the Class A Stock and/or Class B Stock sold and the denominator of which
        is the number of shares of Class A Stock and/or Class B Stock purchased
        using the proceeds of all such loans (provided, however that the
        Principal Repayment shall not exceed the unpaid balance of all such
        loans), plus (b) any accrued but unpaid interest on the amount of the
        Principal Repayment to the date of such repayment.


The balance of the Agreement remains as originally agreed to.

BALDWIN TECHNOLOGY COMPANY, INC.:


By: /s/ Gerald A. Nathe
    -----------------------------------
       Gerald A. Nathe, Chairman and CEO


ACCEPTED AND AGREED TO:


 /s/ Peter E. Anselmo
    -----------------------------------
Peter E. Anselmo


Date: 8-20-01
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