Wednesday, August 13, 2008

Quebecor World inks deal worth $45 million

Giant printing company Quebecor World Inc. released its Q2 results ending June 30, a loss of 44 cents per share as revenues fell 12 percent to US$975.5 million.

The Montreal-based company which filed for bankruptcy protection January 21st, said that results are in line with its expectations.

"We have made important progress in the last six months to preserve the long-term sustainable profitability of our company while working through a process to ensure fair and equitable consideration for all stakeholders," CEO Jacques Mallette said in a statement.

The sale of the European operations will allow it to focus on its core business in the Americas, he added.

The company recently announced a 7-year deal with Canada Wide Media, worth $45 million. The deal includes renewal work on BC Business, Westworld Publications, BC Home, Alberta Home, Gardenwise and Granville Magazine.

"Quebecor World's dedication to quality and service was a key contributing factor in partnering with them for another 7 years", said Peter Legge, Chairman and CEO Canada Wide Media. "Our business was built on print over 30 years ago and this partnership renewal with Quebecor World shows our commitment to the importance of printed media in the Canadian marketplace. We look forward to working with Quebecor World as we actively pursue our growth objectives over the next 7 years".

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