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MONTREAL (AFX) - Quebecor World Inc. is consolidating its Cincinnati-area magazine printing operations by the end of this year, with only about 150 of the 300 employees at its Redbank plant being offered transfers, the company said Wednesday.
The work currently done at Red Bank, Ohio, is being transferred to an expanded plant in Lebanon, Ohio, and to other Quebecor World locations, the company said.
Quebecor World said the closure of the Red Bank plant will result in restructuring charges of about $4.2 million, most of which will be recorded in 2006.
Quebecor World, part of the Montreal-based Quebecor Inc. is one of the world's largest commercial printers but has been facing challenges in recent years.
The company announced in May that its first-quarter profit from continuing operations fell to US$6.3 million from a year-earlier US$15.8 million. A number of one-time charges affected the bottom line, including impairment of assets, restructuring and other charges totaled US$22 million.
The company also announced it would cut 756 jobs in the closure of a book printing plant in Kingsport, Tenn., and a magazine plant in Brookfield, Wis. It is also closing a printing plant in France that employs 185 people.
Shares of Quebecor closed up 26 cents, or 2.5 percent, to $10.76 on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
