Quebecor Closes On Acquisition of Hachette Filipacchi Printing Assets
Press release from the issuing company
MONTREAL---March 14, 2002--Quebecor World Inc. announced today that all necessary regulatory approvals have been obtained for the acquisition of the Hachette Filipacchi Medias printing assets in Europe and that it will now begin integrating these into its European platform.
The assets include printing and bindery facilities in France and Hachette's 50% ownership of Helio Charleroi in Belgium. Compagnie Nationale a Portefeuille (a public investment firm controlled by the Frere family of Belgium) will retain its 50% ownership of the facility until September 2004.
Hachette Filipacchi Medias is one of the world's leading publishers of consumer magazines and as part of the transaction it is entering into a long-term agreement with Quebecor World to print many of its magazines in Europe. The value is estimated to be $400 million over the term of the contracts, excluding paper.
"This type of acquisition with a printer/publisher that includes guaranteed work is ideal in that it benefits both companies,'' said Charles G. Cavell, President and CEO of Quebecor World Inc. "Hachette is able to concentrate on its core publishing business and we are able to grow our manufacturing platform with the security of a long-term enabling contract. This is a strategy we will continue to pursue in all our geographies.''
The plants in France and Belgium operate long-run gravure presses printing magazines, catalogs and retail inserts. Some of the magazine titles include Paris Match, Elle, Parents, and two TV listing publications which are two of the largest weekly magazines in France with circulations of three and two million respectively.
"This transaction will strengthen our European platform,'' said Vincent Bastien, President Quebecor World Europe. "We are adding an excellent facility in a new country, Belgium and the addition of the Hachette equipment in France will allow us to produce Hachette magazines on a multi-plant platform thereby reducing delivery time.''
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