Quebecor World plans $26 million in new restructuring initiatives that will result in the elimination of approximately 1,000 jobs.
The Montreal-based printer has approximately 38,000 employees worldwide.
Quebecor posted a loss of $62 million for the second quarter, compared to earnings of $64 million for the second quarter of 2002. Consolidated revenues for the quarter were essentially flat compared to same period last year at $1.5 billion.
“These challenging economic times demand rigorous financial management at every level of our operations,” said Jean Neveu, President and CEO, Quebecor World Inc., in a statement. “These reductions will further lower our cost base, improve efficiencies and make us better positioned to take advantage of an eventual economic recovery.”
In North America, revenue for the quarter was level at $1.2 billion. Operating income, before impairment of assets, restructuring and other charges, was $45 million compared to $124 million for the same quarter in 2002.
European revenues for the quarter increased to $268 million, primarily due to currency translation. Operating income, before impairment of assets, restructuring and other charges, was $3.4 million compared to $8.2 in the same quarter of 2002.
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