RICHMOND, VA—Employee-owned Worth Higgins & Associates has acquired Billet Printing of Manassas, VA. In addition, the account executives and employees of the former Colonial Printing in Richmond have joined Worth Higgins. The new assets are expected to generate an additional $8 million in annual sales. The company also plans to hire an additional 40 or so employees during 2009 and will break ground on a 30,000-square-foot addition to its facility.
HOUSTON—Joe Davis, CEO of Consolidated Graphics (CGX), along with the non-executive members of the company's Board of Directors, have taken a 15 percent reduction in pay, according to filings with the Securities and Exchange Commission (SEC). The paycut is slated for an undetermined period. According to the SEC filing, the move is "consistent with other headcount and salary and wage reductions being taken throughout the company due to the current and projected economic conditions facing the printing industry."
MONTREAL—Saddled with more than $6 billion in debt and facing drastically shrinking demand for its newsprint, paper producer AbitibiBowater has filed for Chapter 11 bankruptcy protection in the United States, and plans to seek protection in Canada under the Companies' Creditors Arrangement Act. The company was forced to terminate a $1.8 billion debt exchange offer for its Bowater subsidiary earlier this month when lenders would not provide sufficient support. It had also also been trying to restructure $2.4 billion in debt from its Abitibi-Consolidated unit.
STAMFORD, CT—The management team at Cenveo has awarded college scholarships to 51 children of company employees in the first year of a program originated by Robert Burton. The program awarded students based upon a number of criteria, including educational success, community service, athletic team and club participation.
MONTREAL—Quebecor World announced Wednesday that it has reached agreement in principle on a term sheet with its creditors, which will pave the way for the company to exit creditor protection in both the United States and Canada.
MONTREAL—Despite posting a fourth quarter loss of US$654 million, there is optimism at Quebecor World. The company told a U.S. bankruptcy court judge that it expects to lay out its restructuring plan this month and emerge from creditor protection in early July, the Canadian Press (CP) reported.
The Wall Street Journal (WSJ) plans to close its regional printing plant here this month and contract the printing of its newspaper, along with the weekly Barron’s, to The Des Moines Register, that paper reported. The current WSJ plant, which employs 25 people, produced editions for a four-state area.
RR Donnelley absorbed another loss in its quarterly results, recording a net loss of $686.9 million in the fourth quarter. Impairment and restructuring charges, which totaled nearly $1.4 billion, were the primary culprits.
CHICAGO—RR Donnelley has opened a new Financial Services office in Calgary, Alberta, to serve businesses and law firms in Western Canada. This facility is positioned to meet the region's needs for transactional and compliance projects, particularly for businesses and institutions focused on oil and gas, services, mining and technology. The service center complements existing Donnelley offices in Toronto and Montreal.
CHICAGO—RR Donnelley absorbed another stinging loss in its quarterly results, recording a net loss of $686.9 million in the fourth quarter. Impairment and restructuring charges, which totaled nearly $1.4 billion, were the primary culprits. For the same period in 2007, Donnelley registered a net loss of only $292.9 million, with restructuring and impairment charges of $477 million.
