Logout
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
Search
My Profile
Login
Quad/Graphics furloughs employees, temporarily cuts salaries and suspends operations at several plants
Print
WISCONSIN (From news reports) -- Quad/Graphics Inc. said it has temporarily furloughed employees throughout the company and suspended operations at a number of its plants.

The company -- which will continue to pay for medical benefits for furloughed employees -- did not disclose how many employees are affected by the move.

Quad also said it was temporarily reducing the salaries of 300 employees, including a 50% salary reduction for its CEO and a 35% reduction for executive officers.

In addition, the company's board is reducing directors' fees by 50%.

Other moves by the company include:

Delaying capital spending projects.
Borrowing $100 million under an existing credit facility, incrasing its cash on hand to approximately $200 million to ensure continued financial flexibility.
Suspending its quarterly dividend of $.15 a share.
Quad also said it is withdrawing its financial guidance for 2020.

"We have faced tough times before and persevered," Joel Quadracci, Quad's chairman, president and CEO, said in a statement. "While the COVID-19 pandemic is unique and presents uncertainty, I am confident in our ability to find a better way and weather this storm."

Quad employed 8,000 people in Wisconsin in July. The company operates large plants in Sussex, Hartford, Lomira and West Allis.
 

Related Articles:


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: