Quadracci, Angelson Share Their Accounts of Mega Deal
Big news today in terms of the Quad/Graphics acquisition of Worldcolor, with ramifications that will become more clear as we progress.
• How many people will lose their jobs, and which facilities will be shuttered during the integration process?
• What impact will this move have on the magazine, catalog, retail insert, etc. markets?
• How PO'd is RR Donnelley right now?
Many unanswered questions remain, so stay tuned. What we do know is that what started out as lunch last August between the chief execs of Quad and Worldcolor set the stage for Tuesday's shocker.
Here are some of the remarks made by Mark Angelson, Worldcolor CEO, and Joel Quadracci, chairman, president and CEO of Quad/Graphics, during Tuesday's investor call.
Mark Angelson, CEO, Worldcolor:
We're here to discuss a transaction of truly historic significance in our industry. It is the most compelling transaction with which I have been associated and is the occasion to pass the torch of leadership to a new generation in our industry. The Worldcolor team and I have come to know Joel, his management team and Quad/Graphics very well over the recent months. I am literally delighted at the prospect of Worldcolor having this unique opportunity to become part of the most nimble, the most technologically advanced, the most efficient and the most well-run business in commercial printing. I consider Joel and his leadership team to be among the best and brightest executives anywhere, and they have built Quad/Graphics into a company with the industry's top technology, top automation, robotics and customer service.
This transaction will allow our customers to benefit from working with a printer that is highly attuned and best able to be responsive to their evolving needs in today's multi-channel media world. This transaction will allow most of our employees to work for a more efficient company, better positioned to win in a dynamic and competitive industry. This combination will allow our shareholders to have ownership in a company with industry leading margins and growth prospects while benefitting from the enhanced liquidity that we expect will result from this transaction and concurrent public listing by Quad/Graphics.