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Quebecor World Cutting 700 Jobs

Friday, May 02, 2008

Press release from the issuing company

MONTREAL, CANADA - May 1, 2008 -- Quebecor World Inc. today announced workforce reductions at two facilities as part of its three-year retooling program. The facilities are located in North Haven, Connecticut and in Etobicoke, Ontario. 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 across the Company's global platform 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, 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 our customers through their normal sales representatives. In the last three years the Company has invested $1 billion upgrading its facilities with the latest presses, robotics, quality control systems and new bindery technology. In the Company's magazine platform alone this included the installation of ten new 64 and 96 page wide-web presses at seven facilities. This is part of one of the largest investments in the history of the industry.




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