Quad/Graphics Posts Mixed Q4, 2010 Financials
By year end 2010, the company had closed six North American plants and Worldcolor’s Montreal headquarters. In early 2011, it already announced or completed two additional North American plant closures. The impact of these and other restructuring actions will result in the closure of approximately 3.6 million square feet of manufacturing and warehousing space, and a gross reduction of 4,400 employees.
“Overall, the integration process is moving forward as expected, but we are not finished as this is a 24-month journey,” Quadracci stated. “We are now confident that we’ll achieve somewhat more than the $225 million in synergy savings on an annual run-rate basis within 24 months of closing the Worldcolor acquisition. We continue looking for additional cost-savings opportunities to build upon our integration synergy savings.”