Changes in Store for Quebecor World
MONTREAL—North America's second largest printer is going through some changes.
Quebecor World recently announced it had come to an agreement with the Graphic Communications Conference of the International Brotherhood of Teamsters on the protocol regarding the possible union organization at the printer's facilities in the United States.
Under the agreement, Quebecor World employees at non-union U.S. plants will be able to decide, through secret ballot, the question of whether to have union representation. Both sides have vowed to allow for an unhampered, non-adversarial determination process, free of mutual disparagement.
In other company news, Quebecor World revealed it was in the negotiating process to sell off certain sheetfed commercial printing plants. The possible sale of about a dozen facilities in the United States and Canada—which posted 2004 revenues of about $250 million—is just a small portion of its overall North American business.
"These are plants that do spot work, not a business that really fits in with Quebecor World," notes Tony Ross, director of communications, who stressed that core portions such as long-run magazines, catalogs and books would not be affected.
In its first quarter 2005 results, Quebecor World reported net income of $16.3 million after the impairment of assets, restructuring and other charges. That figure is down sharply from the $35.8 million net income registered for the first quarter of 2004. The impairment of assets, restructuring and other charges totaled $33 million.