Quebecor World Inc.
TSX : IQW

Quebecor World Inc.

May 01, 2008 09:23 ET

Quebecor World Announces Workforce Reductions at Two Facilities as Part of Three-Year Retooling Program

MONTREAL, CANADA--(Marketwire - May 1, 2008) - Quebecor World Inc. (TSX:IQW) 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.

Forward looking statements

This press release may include "forward-looking statements" that involve risks and uncertainties. All statements other than statements of historical facts included in this press release, including statements regarding the prospects of the industry and prospects, plans, financial position and business strategy of Quebecor World Inc. (the "Company"), may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation and regulations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made have on the Company's business. For example, they do not include the effect of dispositions, acquisitions, other business transactions, asset writedowns or other charges announced or occurring after forward-looking statements are made.

Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available at www.sedar.com, www.sec.gov and www.quebecorworld.com. In particular, further details and descriptions of these and other factors are disclosed in the "Risks and Uncertainties related to the Company's business" section of the Company's Management's Discussion and Analysis for the year ended December 31, 2006, and the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2006.

The forward-looking statements in this press release reflect the Company's expectations as of May 1st, 2008 and are subject to change after this date. The Company expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.

Quebecor World Inc. is currently subject to Court protection under the Companies' Creditors Arrangement Act (Canada), and various U.S. subsidiaries have filed petitions under Chapter 11 of the U.S. Bankruptcy Code.

About Quebecor World

Quebecor World Inc. (TSX:IQW) is a world leader in providing high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The Company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, and Switzerland.

Web address: www.quebecorworld.com

Contact Information

  • Quebecor World Inc.
    Tony Ross
    Vice President, Communications
    514-877-5317
    800-567-7070
    or
    Quebecor World Inc.
    Roland Ribotti
    Vice President, Investor Relations and Assistant Treasurer
    514-877-5143
    800-567-7070