Quebecor World Says it Will Cut 700 Jobs
-- Graphic Arts Online, 5/2/2008 10:22:00 AM
Quebecor World Inc., Montreal, will cut 700 jobs as it closes a plant in North Haven, CT, and downsizes an operation in Etobicoke, ON. The job cuts represent about 2.5% of its total workforce. Quebecor World had 28,000 employees working at more than 115 plants.The North Haven facility prints commercial work, while the Etobicoke facility produces retail flyers, catalogs and binds directories—this operation will continue to operate its bindery for directories and employ 60. Work from both facilities will be relocated to newer, larger facilities to cut costs and boost productivity.
The measures are part of a global retooling and restructuring program launched three years ago, that includes investing $1 billion to upgrade facilities with the latest presses, robotics, quality control systems and new bindery technology. Quebecor World’s magazine platform installed 10 new 64 and 96 page wide-web presses at seven facilities.
Earlier this week, the company reported a full-year loss of $2.2 billion, mainly due to a big fourth-quarter write down of goodwill and appointed Randy Benson chief turnaround officer.
Benson will report to the restructuring committee of Quebecor’s board. He recently served as chief restructuring officer for Hollinger Inc and prior to that held the same position at Ivaco Inc.
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