Quebecor Inc. was unsuccessful in its recent bid with the Quebec Superior Court to stop its former printing subsidiary, Quebecor World, from purchasing a press to produce advertising inserts, according to Canadian Press (CP). A U.S. bankruptcy court also gave the green light for the purchase of two other presses, for a total investment of US$50 million.
MODESTO, CA—A printing company's former office manager will be spending the next year in jail after pleading no contest earlier this week to embezzlement and identity theft charges. Prosecutors said that Jessica Sue Hoover, 25, stole $76,000 from Gowans Printing between Jan. 1, 2007, and July 14, 2008, according to the Modesto Bee.
SAN ANTONIO, TX—Vertis Communications, of Baltimore, is consolidating some operations, which is prompting the closure of its San Antonio advertising insert printing facility, the San Antonio Business Journal reported. The move impacts approximately 90 employees. The company is said to be providing long-time employees with extended financial support and is encouraging affected employees to seek employment elsewhere within the Vertis organization.
MONTREAL—Four members who also serve on the board of directors for Quebecor Inc. and Quebecor Media have resigned their board posts with Quebecor World. Pierre Karl Peladeau, Erik Peladeau, Jean Neveu and Jean La Couture have determined that "as a result of claims that have been filed by Quebecor Inc. and its subsidiaries as part of Quebecor World's court protected restructuring process, their resignations are advisable."
BALTIMORE—A former American Color Graphics facility within the Vertis Communications chain has closed its doors permanently and another will shut down operations completely by next June, according to several news sources.
WEST BEND, WI—Serigraph Inc. will lay off roughly 50 employees, with some being offered early retirements, according to the Business Journal of Milwaukee. Sean Torinus, CEO of Serigraph, told the paper that sales to automotive and appliance customers—impacted greatly by the recession—have suffered and the company needed to get costs in line with reduced sales.
Transcontinental kept its momentum in the fourth quarter and ended fiscal 2008 with adjusted earnings per share of $1.73, compared to $1.50 in 2007, up an appreciable 15%. Adjusted net income, which excludes asset impairment, restructuring costs and unusual adjustments to income taxes, is a good indicator of the Corporation’s operating performance.
MONTREAL—Quebecor Inc. was unsuccessful in its bid with the Quebec Superior Court to stop its former printing subsidiary, Quebecor World, from purchasing a press to produce advertising inserts, according to Canadian Press (CP). A U.S. bankruptcy court also gave the green light for the purchase of two other presses, for a total investment of US$50 million.
METSA, FINLAND—M-real Corp., a subsidiary of Metsäliitto Group, has signed an agreement to sell its graphic papers business to Sappi Ltd. for an enterprise value of 750 million euros. The deal consists of 500 million euros in cash and assumed debt, 200 million euros in a vendor loan note from Sappi to M-real and 50 million euros of newly issued shares in Sappi.
HEIDELBERG, GERMANY—10/02/2008—Heidelberger Druckmaschinen AG (Heidelberg) will, based on first calculations, achieve sales between 800 and 820 million Euro in the second quarter of the current financial year 2008/2009 (July 1 to September 30). Thus, sales volume is less than expected for the quarter following drupa trade fair and decreased by 10 percent compared with the same quarter in the previous financial year. Based on orders generated at drupa, Heidelberg had expected a stronger increase in sales in comparison to the first quarter of the current financial year, but recognises significant reluctance to invest in all regions because of the actual economic situation.
