Quebecor World Inc.
TSX : IQW

Quebecor World Inc.

June 26, 2008 12:16 ET

Quebecor World Concludes Sale of European Operations to HHBV

MONTREAL, CANADA--(Marketwire - June 26, 2008) - Quebecor World Inc. (TSX:IQW) announces it has completed the previously announced sale of its European operations to Hombergh/De Pundert Group (HHBV), a Netherlands based investment group. The transaction is valued at approximately EUR135 million.

Under the terms of the agreement, Quebecor World received EUR52 million in cash. HHBV will assume approximately EUR61 million of net debt, and a EUR21.5 million five-year note bearing interest at 7% per year payable to Quebecor World. The sale was made substantially on an "as is, where is" basis and was not subject to the approval of either Quebecor World's or HHBV's shareholders.

"We are pleased to conclude this transaction which will allow us to focus on our business in the Americas and which should enable us to exit creditor protection in North America as a stronger player in our industry," said Jacques Mallette, President and CEO of Quebecor World. "I thank our European employees for their support and would like to ensure our European customers we will continue to provide them with a full-service offering to grow their businesses in North America and Latin America."

Quebecor World's European operations consisted of 16 printing and related facilities employing approximately 3,500 people in Austria, Belgium, Finland, France, Spain and Sweden producing magazines, catalogs, retail inserts, direct mail products, book and directories.

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 "Risk Factors" section of the Company's Management's Discussion and Analysis for the year ended December 31, 2007.

The forward-looking statements in this press release reflect the Company's expectations as of June 26, 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 25,000 employees working in more than 100 printing and related facilities in the United States, Canada, Argentina, Brazil, Chile, Colombia, India, Mexico, and Peru.

Web address: www.quebecorworld.com

About Hombergh/De Pundert Group

Hombergh/De Pundert Group is a Netherlands based investment group whose expertise lies predominantly in the industrial sector. The Group has various investments in the concrete business and energy sector. As part of its investments strategy, the Hombergh/De Pundert Group seeks majority stakes in companies which have a strong management and operate in sectors which require consolidation.

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