Gradco Systems Inc., a Santa Ana maker of printing and copying-machine equipment, Tuesday announced a major restructuring of its management and the establishment of a new office products division.
The action follows a previously announced, $1.6-million third-quarter loss and Gradco's decision to begin manufacturing about half of its products in Korea, to cut costs and expand production capacity. Gradco plans to begin production in Korea next month.
Gradco's chairman and president, Keith Stewart, said the company has established a separate executive office and a new office products division. He said, however, that the changes were not a response to recent losses, but rather a plan for long-range management of the company's growth.
With Stewart in the executive office will be Ken Ohlson, executive vice president, and Horst Sieben, senior vice president.
William Heuermann, a Fullerton resident with 20 years of management experience, was named president of the new office products division. It will be responsible for manufacturing, product engineering, administration, finance and sales, according to Stewart.
"We believe that this restructuring of our company will provide us with more effective management of our current business and, at the same time, enable us to capitalize on the new opportunities we have identified," Stewart said.
In the first nine months of fiscal 1985, the company lost $456,000, compared with earnings of $1.4 million in the comparable period of fiscal 1984. Revenues increased 25%, to $22 million from the $17.6 million posted for the first nine months of 1984.