MONTREAL—Transcontinental Inc. is laying off 250 workers above the 1,500 cuts announced earlier this year, The Canadian Press is reporting. The move comes on the heels of its C$144.3 million loss for the second quarter of 2009, compared to a net profit of C$36.9 million for the same period the previous year. The company expects to generate C$100 million in cost savings with the streamlining of 1,750 jobs, which represents about 13 percent of its workforce.
SOMERSET, NJ—David Hathaway, the head of the accounting division for Toppan Printing, has been arrested and charged with stealing more than $100,000 from the printer by funneling it to a fake company that he created, according to The Star-Ledger. He was charged with theft by deception for writing checks totaling $118,178.38 to ANZ Services/A2Z Services, the paper reported. Hathaway allegedly billed Toppan's customers to mask the thefts.
CHICAGO—RR Donnelley posted an alarming drop of 92 percent in first quarter net profits this week, plunging to $13.9 million on net sales of $2.5 billion as the slumping economy and restructuring charges took its toll on North America's largest printer. For the same period in 2008, the company pulled in $182 million in earnings on sales of $3 billion.
SUSSEX, WI—A decline in orders and the dismal economy has forced Quad/Graphics hand again, prompting the nation's largest privately-held printer to lay off 140 employees, according to BizTimes Milwaukee. Most of the cuts will be made in Wisconsin, with prepress and its QuadTech operations absorbing the reductions. The company laid off roughly 550 people earlier this year.
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 both in the United States and in Canada. The company was forced to terminate a $1.8 billion debt exchange offer for its Bowater subsidiary in April when lenders would not provide sufficient support. It had also been trying to restructure $2.4 billion in debt from its Abitibi-Consolidated unit.
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.
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.
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.
