Deluxe lays off 145 employees; 37 in Twin Cities

Deluxe Corp., the largest check printer in the U.S., said Wednesday it will cut 145 workers.
The Shoreview-based company said 37 of the cuts will from its Minnesota facilities in Shoreview and Arden Hills, the rest from other locations around the globe.

Company spokesman Terry Peterson said in a phone interview that the company is implementing cost-saving measures to make the company "healthier and more efficient" in the wake of recent challenges the industry has faced with less consumers preferring ATM's and debit transactions to check-writing.

In November Deluxe (NYSE: DLX - News) laid off 250 workers in an effort to streamline its workforce. The workers affected in the Wednesday's layoffs are mostly in information technology and financial departments, and they will be eligible for severance packages if they elect to stay with the company through their last day of employment. Employees terminated will remain with the company form 6 weeks to 6 months, and are also able to apply for other positions within the company, officials said.

Deluxe's expected annual revenue is about $1.6 billion. Stocks were up 3.4 percent Thursday in mid-morning trade from $26.83 to $27.69.

Published January 11, 2007 by the Minneapolis/St Paul Business Journal

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