Quebecor World, the Montreal-based printing giant, will cut as many as 2,400 jobs--6% of its workforce--as well as close seven of its 160 plants. The firm attributed the changes to fallout from the Sept. 11 terrorist attacks on the U.S. and to the global economy, which was already slowing, according to news reports. It said it expects catalogs and magazines to have lower page counts during the Thanksgiving
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Quebecor World, the Montreal-based printing giant, will cut as many as 2,400 jobs--6% of its workforce--as well as close seven of its 160 plants.
The firm attributed the changes to fallout from the Sept. 11 terrorist attacks on the U.S. and to the global economy, which was already slowing, according to news reports. It said it expects catalogs and magazines to have lower page counts during the Thanksgiving and Christmas weeks.
Quebecor World’s quarterly earnings, to be released Oct. 30, are expected to 15% lower than previously forecast. The company expects third-quarter diluted earnings of 45 cents to 50 cents per share, down from 58 cents for same period last year. For the full year, it forecasts a profit of $1.55 to $1.65 per share.
