Corel - Investors with no Humor Message Board

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Technology Stocks : Corel - Investors with no Humor

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To: A. Reader who wrote (694)	6/25/1998 7:13:00 AM
From: A. Reader	of 1094

Corel to cut jobs after posting more losses ...Michael Cowpland, the company's chief executive, said the decision to shut down the Orem operation came with the realization that WordPerfect had "matured" in the software market. "It took us quite a while to digest that," he said during a conference call. "We now understand the technology totally." The consolidation will lead to the creation of 190 new jobs - 150 in Ottawa, 30 at Corel's Dublin, Ireland, office, and 10 in New Hampshire. Only about 10 of those working in Orem will be transferred to Ottawa, Corel executives said. The total net job loss represents a 20 per cent cut to Corel's workforce, which will soon include a total of 1,150 working in Ottawa. Corel expects the restructuring to cost about $5.5 million in one-time charges. "This decision was not taken lightly, rather with the best interests of our customers and shareholders in mind," Cowpland said in a statement. "We'll see increased R and D synergies across product lines and substantial cost savings from this consolidation." southam.com

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