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Quebecor Provides Restructuring Update, Sees Increase in Print Demand

Press release from the issuing company

April 4, 2002 -- (WhatTheyThink.com) -- Quebecor World updated shareholders yesterday at their annual meeting. The company reports that most of its restructuring is behind the multi-billion dollar printing giant, despite hurdles it faced in France to cut jobs and close plants. According to Canadian Press, CEO Charles Cavell said job cuts totaled 3,000 people, including 2,500 in North America and 500 in Europe. Last year, the company said the number would be closer to 2,400. Cavell described France as a "bright red socialist country" where it's more complicated than in North America to close plants and lay off employees because of powerful unions and restrictive regulations. Cavell said Quebecor World's European division is not performing as well as their Canadian, U.S. and South American operations. According to Canadian Press, he said, "We have to get this fixed." However, Cavell said advertising revenues in North America are starting to recover which normally translates into more printing business six to nine months later. Also at the meeting, former prime minister Brian Mulroney was appointed company chairman, replacing Jean Neveu. Quebecor World is the largest commercial print media services company in the world. The Company is a leader in most of its major product categories, which include magazines, inserts and circulars, books, catalogs, specialty printing and direct mail, directories, digital pre-media, logistics, mail list technologies and other value-added services. The Company has approximately 40,000 employees working in more than 160 printing and related facilities in the United States, Canada, Belgium, France, the United Kingdom, Spain, Switzerland, Austria, Sweden, Finland, Brazil, Chile, Argentina, Peru, Colombia, Mexico and India.