Quebecor Officials Feed Acquisition Rumors
The company reported that revenues for its first quarter increased to US$911 million compared to US$882 million for the same quarter in 1998.
Cavell told Quebecor stockholders that the company's performance this quarter "once again shows the wisdom of being a diversified, global printer. While our North American business felt the lingering effects of last year's U.S. restructuring, our European and South American businesses' operating income was up significantly. Our consolidated operating margin is up compared to this time last year, and we are on track with improved efficiencies to generate stronger earnings."
Meanwhile, Quebecor can already claim to be the largest printer in South America. It attained that distinction following the acquisition of the printing assets of Buenos Aires-based Editorial Perfil, the largest publisher in Argentina, for US$12.5 million.
Concurrent with the acquisition, the company has signed a 10-year printing contract for Perfil's magazines, valued at approximately US$400 million (including paper).
Perfil's printing assets include Argentina's only rotogravure printing plant.