Canada’s largest printing company set to downsize
Canada’s largest printing company, Transcontinental Inc., Â is set to downsize and streamline its position amidst sluggish market. There will be an estimated 500 job cuts in the company as it integrates the Canadian printing operations of Quad/Graphics, its latest acquisition.
As part of the integration process, two of the six Quad/Graphics plants – one in Dartmouth, N.S. and one in suburban Montreal, would shut down. The company also quoted that the integration process would lead to some 500 to 6,900 employees getting affected over the course of the next few months.
“We have difficult choices to make but are convinced that this is the best strategy for strengthening Transcontinental's base and protecting jobs in order to remain strong in a Canadian industry that is experiencing tough competition," company chief executive Francois Olivier quoted.
As per sources, the Quad/Graphics acquisition would bring in $230 million in new business and generate at least $40 million in pre-tax earnings for Transcontinental.