Transcontinental Slashes 1,500 JobsMarch 2009
The foundering economy has tempered the communication and marketing investments of a number of Transcontinental’s customers, significantly affecting some of the printer’s business niches. Commercial printing jobs, direct mail projects and magazine advertising placements have been cancelled or postponed by companies that have been hit by the recession.
Among the other measures Transcontinental has taken in its cost-cutting initiative: a hiring freeze, unpaid leave and reduced work weeks. Transcontinental’s senior managers have decided to take two weeks of unpaid leave, but to work throughout that period. These measures will cut costs by about C$75 million on an annualized basis, including C$50 million in 2009.