Quebecor World,the Montreal-based printing concern,has emerged from Chapter 11 bankruptcy.The firm entered bankruptcy in January,2008.Having restructured its business,it will be known as World Color Press,Inc.During restructuring,the company continued to be an important employer at its plants in Fairfield,Pennsylvania and elsewhere.Quebecor,Inc. owns World Color Press,and is led by CEO Pierre Paladeau.R.F. Donnelley and Sons Co.,a Chicago-based commercial printing rival,had made a bid of 700 million dollars in cash and 394 million in stock for the troubled Quebecor World in May,2009.
Jacques Mallette,President and CEO of Quebecor World,said it was an important and exciting day for the Company,its customers,suppliers and employees.The restructuring and reorganizing process has made us financially healthier and allowed us to start fresh with a strong balance sheet and a leaner cost structure.We believe the Company is now better positioned to meet the present and future competition in the industry and to create value for our stakeholders,Mr.Mallette stated.
World Color Press will continue to produce advertising inserts and circulars,catalogs,magazines,books,directories,digital premedia and other products.It has about 20,000 employees in some 90 facilities in theU.S.,Canada,Argentina,Chile,Brazil,Mexico,Colombia and Peru.Its parent,Quebecor,Inc.,trades on the Toronto Stock Exchange.
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