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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of SEPTEMBER 29, 1998
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QUEBECOR PRINTING INC.
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(Translation of Registrant's Name into English)
612 SAINT-JACQUES STREET, MONTREAL, QUEBEC, CANADA H3C 4M8
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(Address of Principal Executive Office)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F)
Form 20-F Form 40-F X
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(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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PRESS RELEASES OF
QUEBECOR PRINTING INC.
FILED IN THIS FORM 6-K
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September 29, 1998 (# 23\98)
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September 29, 1998
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FOR IMMEDIATE RELEASE 23/98
QUEBECOR PRINTING SELLS CHECK AND CREDIT CARD DIVISIONS
MONTREAL - Quebecor Printing announced today the divestiture of its check and
credit card businesses to Toronto-based MDC Communications. The deal, valued at
approximately Cdn $70 million, includes the sale of Quebecor Printing's Custom
Cheques of Canada division, its US check division, Custom Direct Inc., and BA
Custom Cards. The transaction is subject to compliance with regulatory
requirements.
The deal is a combination cash and share transaction. MDC Communications pays
Quebecor Printing Cdn $55 million in cash and the balance in MDC shares.
"This spin-off is a perfect win-win situation for both Quebecor Printing and
MDC," said Charles Cavell, President and Chief Executive Officer of Quebecor
Printing. "The sale of our check and card divisions will allow us to keep a
more concentrated strategic focus on our core printing businesses and on how we
serve our customers around the world. MDC gains first-class check and card
facilities that strengthen their market position and production efficiency
throughout North America."
Quebecor Printing's checks and credit card businesses make up less than 1% of
its annual revenue while approximately 55% of MDC Communications' annual sales
are in checks and credit cards.
The sale of Quebecor Printing's check and credit card businesses follows the
recent divestiture of the Company's Barclay retail calendar business to Polk
Canada. Funds generated by these divestitures will be used to pay down debt.
These transactions are the latest in a series of initiatives that is making
Quebecor Printing a focused and truly global printer. These include the
expansion of the Company's European activities to northern and eastern Europe
through the recent acquisition of Scandinavia's largest printer, Tryckinvest i
Norden AB (TINA), the establishment of a centralized worldwide procurement
service to maximize global purchasing efficiencies, the consolidation of certain
facilities, and the divestiture of activities outside of the Company's core
business.
Quebecor Printing Inc. (NYSE:PRW; ME:IQI; TSE:IQI), a diversified global
commercial printing company, is the largest commercial printer in Canada and one
of the largest in the United States and Europe. The Company is a market leader
in most of its major product categories which include magazines, inserts and
circulars, books, catalogs, specialty printing, related services, CD-ROM
mastering and replicating, directories as well as bonds and banknotes. The
Company has over 28,000 employees working in more than 115 printing and related
facilities in the United States, Canada, France, the United Kingdom, Spain,
Germany, Sweden, Finland, Chile, Argentina, Peru, Mexico and India.
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FOR FURTHER INFORMATION:
John Paul Macdonald
Director Communications
Quebecor Printing Inc.
(514) 954-0101
(800) 567-7070
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
QUEBECOR PRINTING INC.
By: (s) PHILIPPE MONTEL
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Name: Philippe Montel
Title: Vice President, Legal Affairs
and Secretary
Date: SEPTEMBER 29, 1998
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