Softness Prompts Reductions at QuadFebruary 2009
The capacity reduction includes equipment shutdowns at nine printing plants nationwide. The job cuts, which took place the second week of January, impacted production and administrative positions.
“This is a strategic move, made from a position of financial and industry strength,” Joel Quadracci, president and CEO of Quad/Graphics, said in a statement.
“Quad/Graphics continues to have industry-leading profit margins and, because we have maintained our investment grade credit quality, we have plenty of access to capital markets that will ensure our strong position within the industry for a long time.”
Quadracci added that the company is removing redundant capacity and that the layoffs would not impact the work it performs for customers.