SMT CEO: company cuts non-core workers, grows traditional business
SMT, a provider of on-screen graphics and other technology for live, televised sports and entertainment events, has cut employees from an experimental business, but is growing its core.
Gerard J. Hall, the founder, president and CEO of SMT, said in an interview on Friday that the company cut less than 5 percent of its workforce.
The company employs more than 250 workers in Durham and Florida.
The company has employees in Florida after the 2012 acquisition of IDS, a Jacksonville, Fla.-based company that provides scoring, results and statistics on-site for live events.
Hall said that while workers were cut in both locations, they were primarily in Durham.
It was a strategic decision, he said, and not a reflection of the company’s financial performance.
“We are chess players here; we are deciding the next move for the company,” he said.
Hall said the workers were in an experimental business outside of its traditional focus.
He said the company is growing revenues and is looking to grow its core business areas.
“We’re a very successful company; we’ve got a lot of neat things going on,” he said.
Hall said the company’s growth has put the company in the position to make a strategic acquisition. He said the company could have something to announce in the next 90 days.
He said the move could be a “game-changer” for its business generally, but also for the company’s Durham location.