Quebecor World Cuts 700 Jobs, Closes Plant
Workforce reduction part of three-year-old restructuring plan, company says.
Commercial printer Quebecor World today announced that it is cutting nearly 700 full-time positions between two facilities as part of a restructuring plan to reduce costs that the company announced three years ago.
Quebecor World is cutting about 320 jobs at its Etobicoke, Ontario facility—which produces retail flyers, catalogues and binds directories—and 350 positions at its North Haven, Connecticut facility, which the company plans to close permanently in the second quarter. The facility primarily produces commercial printed products.
Only about 60 full-time staffers will remain at its Etobicoke facility, Quebecor says. Business from both plants will be moved to newer, larger facilities. Quebecor World says it has invested $1 billion in upgrades to its facilities with new presses, robotics, quality control systems and bindery technology.
The announcement comes a little more than three months after Quebecor World filed for bankruptcy protection, and announced that it had entered into a $1 billion financing deal with Credit Suisse and Morgan Stanley.
Early last month, the company finalized a number of new an extended printing contracts. At the time, magazine division president Doron Grosman told FOLIO: that the company had about $500 million in liquid assets and exceeded its cash flow projections by $160 million.