NEW YORK—A scammer posing as a representative for one of the nation's largest printers managed to con a major publisher into wiring $8 million into his bank account late last year, Wired.com reported. Fortunately for the publisher, the phisher was caught by federal authorities before he could withdraw any money.
Last November, Condé Nast’s accounts payable department received an e-mail that purported to come from Quad/Graphics, the company that prints Condé Nast magazines. The e-mail instructed Condé Nast to send payments for its Quad/Graphics account to a bank account number provided in the e-mail, and included an electronic payments authorization form. The e-mail indicated the account was for Quad Graph, a name similar to the real printer’s name.
Between Nov. 17 and Dec. 30, the company wired $8 million to the Quad Graph account before a query around Dec. 30 from the real printer, Quad/Graphics
Davida Scripter might not have bothered to see her doctor about a splitting headache earlier this week if the office wasn't so conveniently located. In fact, the Quad/Graphics employee might not keep close tabs on her blood pressure or her weight either, which are improving thanks to visits with her primary care physician.
For Scripter and about 800 other Quad/Graphics employees at the Saratoga Springs (NY) plant, medical care is as close as the workplace.
The international printing company runs a health care subsidiary called QuadMed, which operates full-service clinics at five of its manufacturing facilities.
Quad/Graphics Inc. announced it will cease production at its Mt. Morris, IL, facility in May as part of its ongoing plan to integrate operations following the company's July 2, 2010, acquisition of Worldcolor. The closure will impact about 230 employees.
The USPS is projected to reach its statutory borrowing limit ($3 billion per year/$15 billion) by the end of its fiscal year in September. At that time, a $5.5 billion RHB bill and a $1.2 billion workers' compensation liability will come due. Mr. ZIP will fall about $2 billion to $3 billion shy.
Binding and finishing news from Printing Impressions’ February 2011 edition, featuring items on Muller Martini at Hunkeler Innovationdays and Zoo Printing in Commerce, CA.
SUSSEX, WI—Quad/Graphics Inc. will cease production at its Mt. Morris, IL, facility in May as part of its ongoing plan to integrate operations following the company’s July 2, 2010, acquisition of Worldcolor. The closure will impact about 230 employees.
Quad will cease production at the facility, which currently employs approximately 230 people, this May. Customer work will be consolidated into other facilities. The company is on target to achieve somewhat more than $225 million in synergy savings within 24 months of closing on its transaction with Worldcolor.
Quad’s fourth-quarter net sales increased to $1.39 billion from $1.36 billion in the fourth quarter of 2009 and $1.21 billion in the third quarter of 2010. Adjusted EBITDA of $224.2 million compared to $235.5 million in 2009.
In the seven months since Quad/Graphics doubled its size by acquiring a Canadian rival, the manufacturer has also shed 3,000 jobs and six plants. “It’s not that we're excited about laying people off in this transition, but every time we grow, we do it with fewer people,” said Joel Quadracci, Quad/Graphics president, chairman and CEO.
Quadracci visited his alma mater, Skidmore College, recently to talk about the challenges and opportunities facing his industry and business.
Quadracci said the Great Recession and rise of digital media have been major obstacles, but they have also opened doors.
