UPFRONT
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.
Transcon Consolidates
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.
New Shop for PrintHarmony
CLEARWATER, FL—PrintHarmony.com announced the opening of a new printing facility in Easton, PA, to service clients in 19 states. The plant will provide customers in the Northeast and Midwest with one- to two-day shipping services. The new facility is home to an eight-color sheetfed perfecting press, a five-color sheetfed press, a flood UV coater, a diecutter and a full bindery arsenal.
SEC Clears Schawk Inc.
DES PLAINES, IL—Schawk Inc., a provider of brand development and deployment services, announced it has been notified by the Securities and Exchange Commission (SEC) that the investigation of certain accounting matters related to printer's restatement of its financial results for 2005 and 2006, and the first three quarters of 2007, had been completed. The announcement, made in conjunction with Schawk's filing of its fiscal 2007 Form 10-K, concluded the SEC does not intend to take any enforcement action against Schawk.
Closure for Kansas Printer
LIBERTY, KS—Harmony Printing & Development, based here, has closed its doors permanently, citing a challenging industry and economic conditions, as well as its lackluster financial shape, the Kansas City Business Journal reported. Harmony Printing & Development had been in business for more than 40 years. It ranked sixth on the Business Journal's list of top general commercial printers with 2010 revenues of $9.4 million.
Name Change for NC Firm
CHARLOTTE, NC—What's in a name? Integraphx, a 32-year-old commercial printer, is changing its moniker to Boingo Graphics. The company, which has operated in eight different locations, debuted as Kopy Korner, followed by The Printing Office and then Integraphx in 2004. According to company president Scott Nowokunski, the name Boingo Graphics was chosen because it reflected the passion, energy and creativity that is a vital part of what the company does.
Whitman Takes HP Helm
SAN FRANCISCO—A familiar name in executive circles has been tabbed to take over at Hewlett-Packard. The company's board of directors has opted for Meg Whitman, the former eBay CEO and one-time candidate for governor in the state of California. Whitman takes over for embattled CEO Leo Apotheker, who lasted just 11 months at HP. She guided eBay through monstrous growth—to 15,000 employees and nearly $6 billion in annual revenues. PI
