Lucas Unveils Transformation Plan
MONTREAL—Quebecor World posted a net loss of $6.5 million from continuing operations for the second quarter, compared to net income of $9.5 million for the second quarter last year, as President and CEO Wes Lucas announced a five point transformation plan to bolster its lackluster performance.
The results include more than $31 million in restructuring charges for shuttering plants and reducing its workforce. The company has targeted roughly 1,700 positions to be eliminated in 2006. During the quarter, the company announced facility closures in Tennessee, Ohio and Wisconsin.
“Quebecor World’s second quarter and year-to-date results are disappointing for a company of our leadership position and underlying strengths,” Lucas said in a statement. “I am pleased that our retooling program to date is creating a stronger, more efficient manufacturing platform. However, we need to do more.”
Lucas’ five-point plan focuses on building customer value, further developing the company’s employee base, implementing a continuous improvement plan, executing a retooling program for deploying technology and improving the organization’s balance sheet.