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Quebecor to shutter two US printing plants, Cut 735 Jobs

Thursday, April 13, 2006

Press release from the issuing company

April 11, 2006 Montréal, Canada - Quebecor World Inc. today announced a reorganization of its U.S. book and magazine platforms to improve customer service, maximize asset utilization and increase efficiency. The reorganization involves the investment in new state-of-the-art equipment and the decommissioning or relocation of certain existing assets. Today's announcement is part of Quebecor World's long-term strategic plan to meet the changing needs of the publishing industry. The Company's U.S. book facilities will become more focussed on specializing in specific product lines. This specialization, combined with the new equipment, will permit the facilities to improve efficiencies and better serve Quebecor World's book and magazine customers. This plan will result in the closing of a book manufacturing facility in Kingsport, TN and a magazine facility in Brookfield. WI. The closings will affect approximately 735 employee positions, 425 in Kingsport and 310 in Brookfield. The work produced at these two facilities will be transferred to other plants in Quebecor World's book and magazine platforms. The closures are expected to be completed by the third quarter of 2006. The closure of the Kingsport and Brookfield facilities will involve restructuring charges of approximately $30 million, of which 50% is composed of non-cash items. The majority of this charge will be recorded in 2006.

 

 

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