MONTREAL—Quebecor World received conditional waivers from its lenders, amid speculation that Canadian bankers are leaning on parent company Quebecor Inc. to bail the printer out.According to a Canadian Press report, Quebecor World must generate C$125 million in liquidity by January 15 and deliver a refinancing transaction, with commitments to satisfy lenders by the end of…
MONTREAL—Only days after confirming that the sale of its European assets had failed, Quebecor World announced Wes Lucas stepped aside as president and CEO of the troubled company. Lucas is being replaced by Jacques Mallete, who previously served as executive vice president and CFO. Quebecor World would only say that Lucas was leaving the company to pursue other opportunities in the United States. Last year definitely ended on a sour note for Quebecor World. Shareholders of Netherlands-based RSDB NV voted down the proposed C$341 million purchase of Quebecor World’s European printing business, leaving North America’s second-largest printer in precarious financial straits. The company received
IT WASN’T a very joyous holiday season for Quebecor World, North America’s second largest printing conglomerate. CEO Wes Lucas departed—fresh on the heels of his company’s plan to sell its 18 European facilities to The Netherlands-based RSDB Group for $341 million ultimately being voted down by RSDB’s shareholders in December and Quebecor World pulling the plug in late November on a refinancing plan to issue more shares due to weak market conditions. The saga continues: At press time, Quebecor World reached a new accord with its lenders mandating that it obtain $125 million in new financing by January 15 and consumate a
MONTREAL—Only days after confirming the sale of its European assets had failed, Quebecor World anounced Wes Lucas had stepped aside as president and CEO of the troubled company. Lucas is being replaced by Jacques Mallete, who previously served as executive vice president and CFO. Quebecor World would only say that Lucas was leaving the company to pursue other opportunities in the United States. The year is definitely ending on a sour note for Quebecor World. Shareholders of Netherlands-based RSDB NV voted down the proposed C$341 million purchase of Quebecor World’s European printing business, leaving North America’s second-largest printer in precarious financial straits. Financial analysts lowered their expectations
SAN LUIS OBISPO, CA—12/13/07—A stellar group of leaders in the graphic arts industry will be speaking on issues related to sustainability in business at the “The Business of Green Media” conference planned for Jan. 24 at Cal Poly. The conference, intended particularly for the graphic arts industry, will take an in-depth look at current developments, state and federal regulations, and other conditions directly related to the “greening” of the printing industry. The conference will open with a keynote address by Don Carli, senior research fellow at The Institute for Sustainable Communication. He will speak on “Sustainability, Climate Change and the Evolution of Greener Graphic Communication Supply
MONTREAL—With its stock value plummeting and a weak credit market causing it to nix a refinancing plan, Quebecor World appears destined for major changes in 2008. On the eve of executing a refinancing program in late November, Quebecor World had to back away from its plan to offer C$250 million worth of shares, C$500 million in new debt securities and amendments to secured debt. North America’s second largest printer gave “adverse financial market conditions” as the official reason. The company is hiring independent financial advisors to explore strategic options. The day before Thanksgiving, Quebecor World’s shares on the Toronto Stock Exchange sank 9 percent and its
MONTRÉAL—With its stock value plummeting and a weak credit market causing it to nix a refinancing plan, Quebecor World appears destined for major changes in 2008. The venerable printer sold a majority share of its European operations to RSDB Group in a deal with a total value of U.S.$341 million. Under terms of the transaction, Quebecor World will retain a 29.9 interest in the new company, which will be called Roto Smeets Quebecor (RSQ) and listed on the Euronext Amsterdam. In all, Quebecor World will receive $213 million in cash, a $50 million note and 1.4 million shares. Quebecor World’s European operations include 18 printing and
BIG NAMES were on the move in 2007. It was a year in which major mergers and acquisitions jammed the headlines of our news pages. And some deals never quite got off the ground, while others are in a holding pattern. There was an explosion of headline grabbers to open 2007, led by a pair of major transactions and a political coup for the industry. Having been thwarted in his efforts to acquire Banta Corp. by RR Donnelley on Halloween 2006, Cenveo Chairman and CEO Bob Burton hammered out a deal to acquire Cadmus Communications for $24.75 a share, or a total of $430
WIDENING OF the wage disparity between the ranks of top executives and workers has been getting some play in this presidential election season. So how does the take-home pay of the top printers stack up? Printing Impressions’ 18th annual executive compensation report highlights the earnings of principal officers at the largest publicly held printing companies. There was a significant shake-up of the list this year. Several top executives—and companies—dropped from the ranks as a result of the major merger/acquisition activity in 2007. Other companies had personnel changes at the top, and a few repeat executives saw their compensation totals dramatically impacted by the lack
The 2012 Printing Impressions 400 list of the largest printing companies in the United States and Canada as ranked by annual sales.
