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November 8, 2006
MONTREAL — Commercial printer Quebecor World Inc. announced Wednesday it will close two catalog printing facilities in the United States, resulting in the loss of 400 jobs by the end of 2007.
The closures, both in Illinois, are part of a restructuring plan to turn around the troubled printer, which is facing intense competition.
A printing facility in Elk Grove Village and a bindery facility in Bensenville, Ill., will close during the first quarter of 2007, Quebecor World said.
The company had already eliminated 1,247 positions under its restructuring plan, and said Tuesday that an additional 701 job cuts were still to come.
"Current customer volume will be transferred within strategically located plants in Quebecor World's catalog platform and is being coordinated with our customers through their normal sales representation," the Montreal-based company said in a news release.
Quebecor World said it expects to create an additional 75 employee positions at its other facilities to accommodate additional volume.
The announcement comes after Quebecor World Inc. said Tuesday it has suspended its dividend to save cash after its net profit fall to $19.2 million in the third quarter. Quebecor World also warned that underperforming employees won't be tolerated.
CEO Wes Lucas, who took over Quebecor World last spring, called the third-quarter results "unacceptable" on almost every level.
Before the announcement, Quebecor World shares fell 52 cents, or 4.1 percent, to close at $12.09 on the New York Stock Exchange.
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