Quad/Graphics has cut 3,000 jobs since World Color deal

Quad/Graphics Inc. has shuttered eight plants in North America since completing its acquisition of World Color Press Inc. in July 2010. The Sussex-based commercial printing company also has closed World Colors’ headquarters in Montreal.

To date, the closures have resulted in the net reduction of 3,000 jobs, Quad/Graphics announced Thursday as part of its fourth-quarter 2010 earnings report.

“Overall, the integration process is moving forward as expected, but we are not finished as this is a 24-month journey,” said Joel Quadracci, chairman, president and CEO of Quad/Graphics.

Quadracci said Quad/Graphics expects the plant closings and job cuts to contribute to annual savings of more than $225 million beginning in mid-2012.

Net earnings for the fourth quarter were $26.6 million, or 55 cents per diluted share, compared with $36.1 million, or $1.24 per share, for the year-ago period.

As a result of the deal, net sales were $1.39 billion, compared with $512.6 million for the year ago period.

The company also released pro forma figures assuming that the acquisition of World Color was completed on Jan. 1, 2009. Under that comparison, sales rose to $1.39 billion from $1.36 billion and earnings fell to $26.6 million from $53.7 million.

From: Bizjournals