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Article: All eyes on China. (Iwerks Entertainment Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- February 23, 1998
- Author:
CopyrightCOPYRIGHT 1998 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AVOIDING THE ASIAN FLU, IT IS MORE ATTRACTIVE THAN EVER
When the Asian currencies began their precipitous decline last fall, few local companies were hit as hard as Iwerks Entertainment Inc.
In recent years, the Burbank-based designer of location-based entertainment systems and giant-screen movie theaters had relied on Southeast Asia, Korea and Japan for almost 40 percent of its sales. So when a series of severe currency devaluations plunged the entire region into fiscal turmoil, Iwerks suddenly found a third of its business on hold - a fact that recently forced the company to lay off 13 percent of its work force.
Now in the process of retooling the ...