Quebecor World Announces Workforce Reductions
Montréal, Quebec, Canada, 01 May 2008 -– Quebecor World Inc. (TSX: IQW) today announced workforce reductions at two facilities as part of its three-year retooling program.
The facilities are located in North Haven, Connecticut, USA, and in Etobicoke, Ontario, Canada. The North Haven facility will be closed by the end of the second quarter 2008 and the Islington facility in Etobicoke will be significantly downsized.
The measures are part of the company’s global retooling and restructuring program launched three years ago. The program, which is being completed in 2008, is designed to reduce costs and improve productivity by consolidating volume in larger and more efficient facilities. This program has included investing in and deploying state-of-the-art presses and accompanying technology in fewer but larger facilities to better service customers and to improve performance.
Today’s announcement will result in the loss of approximately 700 full-time positions. Quebecor World will help its employees find new jobs by providing them with outplacement services and providing information on opportunities in other facilities.
The Islington facility produces retail flyers and catalogs and binds directories. The facility will continue to operate its bindery for directories which will result in the maintaining of approximately 60 full-time positions. The North Haven facility primarily produces general commercial printed products. Volume from both facilities will be relocated to newer, larger facilities equipped with state-of-the-art technology. These efforts are being coordinated with the company's customers through their normal sales representatives.
In the last three years, the company has invested CAD 1 billion upgrading its facilities with the latest presses, robotics, quality control systems, and new bindery technology. In
Quebecor World Inc. (TSX: IQW) is a world leader in providing high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies, and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies, and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, and Switzerland.
Web address: www.quebecorworld.com