FedEx Scales Back Worldwide
MEMPHIS, TN—FedEx Office is laying off 200 people in the United States and another 450 worldwide. The move was done to increase the company’s long-term success, a spokesperson for the company told the Dallas Business Journal. A company-wide realignment sees about 20 stores being closed domestically, with another 17 locations around the world also to be shuttered. The latter move will eliminate FedEx Office stores in Mexico, Australia and The Netherlands, according to the paper.
New Owner for Evergreen
BELLMAWR, NJ—Evergreen Printing has been acquired by Carmen Pinto, who assumes the role of company president. Pinto’s executive team features Jack Ricciuti, COO; John Dreisbach, vice president of sales and marketing; Steve Weissman, vice president of production; and Melissa Smith, vice president of administration.
Fire Strikes Trade Printer
LOS ANGELES—A fire at Systems Trade Printing caused an estimated $3.8 million in damages, with most of the damage being done to equipment and contents, KNBC-TV reported. One woman was taken to a nearby hospital with an undisclosed injury. According to KNBC, it took 125 firefighters 40 minutes to extinguish the blaze.
FSI Acquires Signal Franchise
MISSION VIEJO, CA—Franchise Services (FSI) has completed the acquisition of Signal Graphics, a printing franchise that operates 34 locations in 15 states. The Signal Graphics brand will become the fourth entity under the FSI umbrella, joining Sir Speedy, PIP and MultiCopy. FSI operates 600 locations in 13 countries.
M-real Sells Paper Business
METSA, FINLAND—M-real Corp., a subsidiary of MetsÃliitto Group, has signed an agreement to sell its graphic papers business to Sappi Limited for an enterprise value of 750 million euros. The deal consists of 500 million euros in cash and assumed debt, 200 million euros in a vendor loan note from Sappi to M-real and 50 million euros worth of newly issued shares in Sappi.