Business News
Quad to Close Mt. Morris, Ill., Plant in May 2011
Thursday 17. March 2011 - Quad/Graphics, Inc. (NYSE: QUAD) ("Quad/Graphics") announced today that it will cease production at its Mt. Morris, Illinois, facility this May as part of its ongoing plan to integrate operations following its July 2, 2010, acquisition of Worldcolor.
“Todays announcement is a necessary step to integrate operations, remove excess capacity from our platform and strengthen our overall competitive position,” said Joel Quadracci, Chairman, President & CEO of Quad/Graphics. “We remain resolute in our goal of creating the industrys most efficient and modern manufacturing platform to benefit our clients and drive shareholder value.”
The Mt. Morris plant encompasses approximately 644,000 square feet and currently employs approximately 230 people. Customer work will be consolidated into other facilities.
The company will proactively assist impacted employees in finding new jobs, including those available at other Quad/Graphics locations. “We value the talents and contributions of employees impacted by todays announcement, and want to help them with their career transition,” Mr. Quadracci said. “The plant has a long tradition of client service and is not closing because of employee performance or client service issues.”
Quad/Graphics is on target to achieve somewhat more than $225 million in synergy savings on an annual run-rate basis within 24 months of closing on its transaction with Worldcolor. “The integration process is moving forward as expected, and while we are very focused on achieving synergies, we are equally focused on serving our customers and ensuring work is produced without disruption. We are building a strong foundation for future growth and success,” Mr. Quadracci said.