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UPFRONT

January 2008
HP Makes Deal for NUR

PALO ALTO, CA—Hewlett-Packard Co. has agreed to buy Israel-based NUR Macroprinters, which produces wide-format digital ink-jet printers, for $117.5 million. The deal, pending regulatory approval, will expand HP’s graphic arts portfolio of digital presses and wide-format printers. HP also acquired MacDermid ColorSpan last year.

Domtar Reduces Capacity

MONTREAL—Domtar will close its Port Edwards, WI, mill and reorganize production at its Dryden, Ontario, facility. The Port Edwards move, which is expected to take place in the second quarter of this year, will cost 500 employees their jobs. At Dryden, one paper machine and two sheeters will be closed, impacting 125 jobs there. These moves will permanently trim annual production capacity of uncoated freesheet paper by 342,000 pounds.

New Presses for PBM Graphics

DURHAM, NC—In an effort to bolster its capacity and enhance productivity, PBM Graphics has installed a pair of six-color Komori Lithrone S40 sheetfed presses at its facility here, and another at its Greensboro plant. All three presses are equipped with in-line coating systems to allow aqueous, metallic and color coating options.

Fire Damages MO Print Shop

NEOSHO, MO—A December 3 fire caused about $190,000 in damages to Neosho Printing, according to the Joplin (MO) Globe. The blaze started shortly after midnight. No one was in the building at the time of the fire, according to the paper, and there were no reports of injuries.

Transcontinental Revisits Stats

MONTREAL—After identifying two non-cash accounting errors in preparation for its 2007 year-end financial statements, Transcontinental Inc. will be restating its financial statements for prior years. Income tax liabilities at the end of 2006 were understated by approximately $10 million. A second error saw property, plant and equipment of Mexican subsidiaries overstated by about $10 million at the end of fiscal year 2006, due to amortization being calculated incorrectly. The restatements are not expected to have an impact on cash flows.

InnerWorkings Acquires Edge

CHICAGO—Managed print solutions provider InnerWorkings has signed a definitive agreement to acquire Corporate Edge of New York City. Corporate Edge is a national distributor of promotional products that posted sales of $59 million in 2006.

Goto Takes Ricoh U.S. Helm

WEST CALDWELL, NJ—Some executive changes are taking place at Ricoh Americas, where Norihisa Goto has slid into the role of chairman and CEO. Goto will also continue to serve as president and CEO of Ricoh U.S. Susumu Ichioka, incumbent chairman and CEO of Ricoh Americas, has assumed a significant position with its Tokyo-based parent, Ricoh Co.

Verso, Unions Reach Accord

BUCKSPORT, ME—Verso Paper mill and three unions representing a lion’s share of the nearly 800 workers here ratified a four-year contract to avoid a strike, the Bangor (ME) Daily News reported. Members of the United Steel Workers, International Brotherhood of Electrical Workers and the International Association of Machinists and Aerospace Workers ratified the pact.

Security Changes for $5 Bill

WASHINGTON, DC—Abraham Lincoln will be surrounded by color when the Federal Reserve circulates a new $5 bill in March. The splashes of purple and gray, along with some high-tech features, are aimed at frustrating counterfeiters. Initially not slated for a makeover, the government had a change of heart with the realization that counterfeiters were bleaching the $5 bill and printing fake $100 bills with the bleached paper. A number of the security features were in the same locations on both denominations.

New Division for HudsonYards

NEW YORK—HudsonYards has opened a new division, Studio Services, which supports the creative process in the distribution of electronic mechanicals to printers or other media providers. HudsonYards previously offered these services via customer on-site locations.

GPO Production Head Retires

WASHINGTON, DC—Bob Schwenk, the managing director of plant operations for the U.S. Government Printing Office (GPO), has retired after 45 years with the organization. Schwenk oversaw roughly 1,200 employees and all legislative printing services for Congress.

Wilde Offers Digital Solution

HOLLISTON, MA—Direct marketing specialist W.A. Wilde is unveiling Wilde Digital Publishing, a new printing solution for the digital book market. It integrates traditional binding equipment with digital printing technologies to serve sectors including education, financial services and Web-to-print publishing businesses.

USA Today Ditches HI Printer

McLEAN, VA—USA Today stopped printing newspapers in Hawaii near the end of last month after three years of being published by the Honolulu Advertiser. The nation’s highest circulated newspaper, with an average daily circulation of 2.3 million, will be printed in California with fewer copies flown to Hawaii for afternoon delivery.

Corrections

STAMFORD, CT—An error appeared in the “Executive Compensation” report published in the December issue. Income shown for Robert Burton, chairman and CEO of Cenveo Inc., did not include his $3 million bonus, which would have made him the highest paid executive on the list. Also, American Color, Brentwood, TN, should have appeared on the PI 400 rankings.
 

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