Corel concentrates on China and Silicon Valley, will close current Minneapolis location

Corel Corp., Ottawa, Ontario, Canada, says it is increasing its focus on the digital media market by concentrating its digital media operations in Greater China and Califonia's Silicon Valley. As a result of these changes, Corel will be closing its existing Digital Imaging facility in Minneapolis, Minn. In addition, the company will incur a one-time restructuring charge of approximately $2.2 million in the fourth quarter. Corel expects that the full benefits of this restructuring will be realized beginning in the second half of 2008.

©2007 PMA