November 2007
Corel Corporation, a leading developer of graphics, productivity and digital media software, today announced that it is increasing its focus on the Digital Media market by concentrating its Digital Media operations in Greater China and Silicon Valley.
These actions will enable the Company to fully maximize its broad portfolio of digital media software and technology assets in order to deliver an enhanced user experience to consumers worldwide.
Centralizing Corel's Digital Media operations will also enable the Company to further accelerate the development process and increase speed-to-market for new and upgraded products.
"Corel's Digital Media portfolio is the broadest in the industry, covering all of the major digital media segments including imaging, video editing, and DVD authoring," said Jeff Hastings, President and General Manager of Corel Digital Media.
"By concentrating our Digital Media operations in Greater China and Silicon Valley, we will be able to better leverage our global resources and talent while further improving the operational efficiency between our software development, product management, and marketing teams. We believe these actions will ultimately result in an even more exciting product range and a richer user experience for our customers."
As a result of these changes, Corel will be closing its existing Digital Imaging facility in Minneapolis. In addition, the Company will incur a one-time restructuring charge of approximately $2.2 million in the fourth quarter.
The Company further expects that the full benefits of this restructuring will be realized beginning in the second half of 2008.
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