Economy Dooms the Hine Co.
PEORIA, IL—The economy and foreign competition prompted The Edward Hine Co. to shut down its business, according to the Peoria Journal Star. The firm, which printed brochures and booklets, was in the process of selling off its equipment. An executive at Hine told the newspaper that clients had shifted to bidding out contracts on a yearly basis. And, as clients developed just-in-time inventories, the long-run capabilities that had long been Edward Hine Co.'s meal ticket soon became its detriment. The Edward Hine Co. had been a mainstay in Peoria since 1880.
Ex-Dataflow CFO Sentenced
BINGHAMTON, NY—The former controller of Dataflow Inc. could spend as many as 12 years in prison for stealing nearly $1 million from the digital printing and document management specialist, according to Gannett. Brian Steele, 37, was sentenced to concurrent state prison terms of 4 to 12 years and 21⁄3 to 7 years. Steele had pleaded guilty Feb. 14 to second-degree grand larceny and second-degree forgery for his crimes, which included check forging, transferring company funds, stealing petty cash and opening fake credit cards.
Printing House Goes Under
QUINCY, FL—Faced with updating its presses and making other substantial equipment investments, The Printing House has decided to close, the Talla- hassee Democrat reported. The move left 40 employees out of work, according to the newspaper. The Printing House had recently lost the account for Homes & Land, a magazine franchise of residential properties and acreage-for-sale listings that are published in 47 states, the District of Columbia and six Canadian provinces by licensed franchisees.
MONTREAL—Transcontinental Inc. was slated to transfer state-of-the-art equipment from Transcontinental Litho Acme to Transcontinental Direct Montreal, in Saint-Léonard, Canada. Production teams from the two units will be combined at Transcontinental Direct Montreal. The reorganization will eliminate the positions of some 30 employees out of a total workforce of 335. All will receive settlement packages and out-placement services to help them find new jobs.