Quebecor World Announces Reorganization of its Nordic Gravure Platform
Press release from the issuing company
MONTREAL--Sept. 7, 2004-- Quebecor World announced that it will be reorganizing its Nordic gravure platform. Some equipment from the Company's Stockholm, Sweden facility will be relocated to Mikkeli, Finland and the Stockholm facility will be closed. The remaining equipment will be transferred to Quebecor World's facility in Belgium which already serves customers in this market. These measures will further improve efficiencies and enhance customer service.
In a July press release and in its second quarter disclosure, Quebecor World stated that it had begun negotiations with its employees' representatives regarding the future of the Stockholm facility and indicated there was a strong possibility that those discussions could lead to a reorganization of our Nordic gravure platform that would involve the closing of the Stockholm plant.
The Stockholm facility will be phased out by the end of the year and as indicated in the Company's second quarter disclosure this action will result in a restructuring charge in the range of $20 million.
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