Quebecor World Cuts 700 Workers Loose

MONTREAL—Quebecor World’s three-year retooling program took its toll on the company’s North Haven, CT, facility, which will be closed down by the end of the second quarter. This move, in tandem with a staff reduction at the Islington factory in Etobicoke, Ontario, will result in the loss of roughly 700 full-time workers.

The retooling program, which concludes this year, is aimed at reducing costs and improving productivity across the chain by consolidating volume in larger and more efficient facilities.

The Islington plant produces retail flyers, catalogs and binds directories. The binding operation, and 60 employees, will be maintained there. North Haven is primarily a general commercial facility.

The company also released its 2007 results (in U.S. dollars) reporting a net loss of $2.2 billion ($16.85 per share) compared to a net income of $28.3 million (net loss of $0.04 per share). It also named Randy Benson chief restructuring officer.