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Printing Impressions magazine presents:
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Jun 26, 2009
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Quebecor World Reorganization OK'd
MONTREAL—Creditors have approved Quebecor World's U.S. and Canadian plans of reorganization, clearing another hurdle as the insolvent printer bids to exit bankruptcy protection next month. More than 86 percent of the 2,800 ballots cast by creditors green lighted the U.S. plan, while 96 percent of creditors gave an affirmative vote for the Canadian plan. A joint confirmation hearing on both plans is scheduled for June 30. In other company news, former RR Donnelley CEO Mark Angelson was announced as Quebecor World's new board chairman in a court filing. Joining him will be publishing veterans Tom Ryder, former chairman and CEO of Reader's Digest, and Jack Kliger, past president and CEO of Hachette Filipacchi. Michael Allen, another printing industry veteran, is among the other new members. Quebecor World CEO Jacques Mallette is expected to be the only returning board member. The company is also expanding its Frederick County, VA, facility, a $35.2 million initiative that will include the acquisition of two new presses and the creation of 30 jobs.
HP's Joshi Garners Prism Leadership Award
NEW YORK—Vyomesh (VJ) Joshi, executive vice president of HP's $29 billion Imaging and Printing Group, received the 23rd annual Prism Award for distinguished leadership during a luncheon held here last Wednesday within the ornate Gotham Hall. The annual event raises scholarship money for New York University's Master of Arts in Graphic Communications Management and Technology program. In his acceptance speech, Joshi discussed rising to his current leadership position after joining HP as an R&D engineer in 1980. He cited the importance of building trust with business partners and in maintaining a positive attitude. "Even in these tough times, HP continues to innovate and strives to keep to our customers happy," he said. Joshi also fielded several questions that had been submitted by current NYU students. The award was presented to Joshi by John Wren, president and CEO of Omnicon Group. According to Terry Tevis, Prism committee co-chair, this year's record turnout raised $275,000 in scholarship funds. Tevis also presented the Student of the Year award to 2009 NYU graduate Nancy Schuenemann, who is now employed at DG3.
New Plant Sprouts Up in New Hampshire
PETERBOROUGH, NH—Graphic Dimensions of Atlanta is opening a printing plant here in a building formerly occupied by New England Business Services, according to the Concord Monitor. The new facility will bring in roughly 20 employees when it opens in August. Mike Baron, formerly of Printegra Corp., has been named the plant's general manager, according to the paper.
Mod-Pac Exits Commercial Printing Business
BUFFALO, NY—Mod-Pac Corp., which specializes in custom paper board packaging and personalized printed products, is rationalizing its product lines in order to focus on custom folding cartons. As a result, the company will exit the commercial printing business. With the move, Mod-Pac expects to realize roughly $1.2 million in improved operating results. About 23 positions will be eliminated as a result, with 25 others reassigned to jobs mainly in the custom folding carton line.
Yurjevich Named New CEO of Outlook Group
NEENAH, WI—Outlook Group announced the appointment of Glen Yurjevich as CEO. He succeeds Cal Aurand, chairman of Outlook Group's board of directors, who was serving as interim CEO. Aurand will continue in his role as chairman. Yurjevich most recently served as interim president of Whitefield Industrial Coatings in Oshkosh, WI, an industrial coating and paint company.
ABnote Group Subsidiaries Rebrand
TREVOSE, PA—Arthur Blank & Co., American Bank Note and Keystone Plastics of Canada, three subsidiaries of the worldwide ABnote Group, are uniting under a new brand, ABnote North America. The company will be led by CEO Joe Caffarella. While the Arthur Blank & Co., American Bank Note and Keystone names will remain for an interim period, the brands will be phased out as marketing is transitioned over to the new brand.
OPINIONS & FEEDBACK:
QW-RRD Nonstarter Offers No Fodder for Tabloid
Well, so much for the back-and-forth melodrama promised by a protracted tug of war between RR Donnelley and Quebecor World (or perhaps soon to be Novink). The assumption was that Donnelley’s offer would have been enough enticement for the creditors...
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