Quebecor World Consolidates Divisions
MONTREAL—Quebecor World is now operating under a three-tier infrastructure with its decision to integrate its six divisions into three groups. The magazine, book and directory divisions now comprise the Publishing Services Group, which will enable the company to streamline operations, improve services and better serve existing and new publishing customers.
That move came on the heels of Quebecor World’s decision to integrate its U.S. retail insert, catalog, Sunday magazine and direct mail divisions into the Marketing Solutions Group. The logistics and premedia divisions will also operate under one structure.
Kevin Clarke will lead the Publishing Services Group. He has been president of Quebecor World’s Book and Directory Publishing Services Group for the past five years. Brian Freschi will take the helm of the Marketing Solutions Group. He was president of the U.S. retail, catalog and Sunday magazine division for the past six years.
Quebecor World feels the new structure will result in greater synergies, shared resources and faster decision making with a focus on delivering complete value-added solutions to two principle customer bases: multi-channel marketers and publishers.
In other company news, Quebecor World signed a definitive purchase agreement for the sale of its European operations to Hombergh/De Pundert Group (HHBV), a Netherlands-based investment group, valued at approximately 133 million euros ($206.5 million).
The deal sees HHBV assume approximately $100.9 million of net debt, and a $32.6 million five-year note bearing interest at 7 percent per year, which will remain payable to Quebecor World post-closing.
Last December, Quebecor World thought it had an agreement with RSDB for a sale price of $213 million, but that deal was squelched by RSDB’s shareholders. That transaction would have given Quebecor World about a 30 percent stake.