PI 400 - - Year in Review - A Year We'll All Remember
St. Ives plc, of London, made M&A headlines this year with the acquisition of Avanti Press and its subsidiary, Case-Hoyt. Trend Offset Printing, of Los Alamitos, CA, worked its way into Florida with a new facility in Jacksonville, while Courier Corp., of North Chelmsford, MA, virtually doubled its printing pleasure by investing $15 million worth of equipment to bolster a $16 million initiative from 2000.
Renewal plans were abundant in 2001—and they were costly. Standard Register, Dayton, OH, sliced away nearly 30 percent of its work force, or roughly 2,400 employees.
Quebecor World, of Montreal, combined its commercial and direct mail groups, creating a business unit with sales in excess of $1 billion. However, the world's largest printer announced that facilities in three states would be closed, totaling more than 1,000 layoffs. Before the end of the year, Quebecor World revealed it would reduce its work force by another 6 percent, or approximately 2,000 to 2,500 positions.
R.R. Donnelley & Sons, Chicago, announced a "platform for the future" that included $300 million in investments in 2001 and 2002, but in the process of becoming leaner and stronger, plants in Houston, South Daytona, FL, and Des Moines, IA, were closed. About 360 jobs were lost combined, and another 250 general and administrative workers were cut loose.
Plant closings and layoffs hit full stride by the middle of the year as companies scrambled to issue new earnings forecasts. Cadmus Communications, of Richmond, VA, released 280 workers and Bowne & Co, New York City, released 650 people. Mail-Well, Englewood, CO, announced that nine plants would be shut down. And International Paper laid off more than 3,600 employees.
Hart Graphics passed away at the age of 89 in late February. The Austin, TX, printing operation closed its doors in April after failing in an attempt to procure a buyer. A total of 225 jobs were lost. Hart Graphics President Rich Barbee later hooked on with K/P Corp. of San Ramon, CA, as president and CEO.