Creo Consolidates Americas Unit

BURNABY, B.C.–Following an earnings report in which Creo posted a net loss of $1.6 million for the third quarter of the year, the company announced on August 4 that it will close its Boston-based Creo Americas subsidiary headquarters and relocate those operations to the company's home base near Vancouver in Canada, a move that will affect about 140 positions.

The consolidation was designed to "reduce costs, streamline management, and increase efficiency," in a very competitive market, according to Creo chief executive Amos Michelson.

"The distance of the Creo Americas headquarters from the corporate headquarters meant that we spent a lot of time aligning with each other. We thought that it would be optimal for the subsidiary headquarters, which includes my function and some other key roles, to sit in Vancouver with the other corporate functions so as to share resources," Creo Americas president Larry Letteney said in an exclusive interview with Graphic Arts Monthly's e-GAM.

Letteney reported that he turned down an offer to relocate to Burnaby, and is looking for other opportunities both within and outside of Creo.

"On average, people who are going to be affected will be working through the end of the year," Letteney said. "The hand-off of certain responsibilities will happen in the latter part of the year."

For more information and to read the full interview with Letteney, visit http://www.gammag.com/NewsBriefs/index(8_11_04).html#1 on the Web.