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[LETTERHEAD]
QUEBECOR
PRINTING, INC.
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 AUGUST 26, 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
August 26, 1998 (# 22\98)
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August 26, 1998 [LETTERHEAD] 22/98
FOR IMMEDIATE RELEASE
QUEBECOR PRINTING ACHIEVES 99.6% SHARE OWNERSHIP IN OFFER FOR
SWEDISH PRINTER TINA
MONTREAL - Quebecor Printing announced today it has achieved 99.6% share
ownership in its offer for Tryckinvest i Norden AB (TINA), Scandinavia's largest
printer. All conditions for the offer have thus been met. Quebecor Printing
will commence a compulsory acquisition procedure to acquire the remaining
outstanding shares and complete the transaction.
With the acquisition of TINA, Quebecor Printing expands its European operations
by 30% and strengthens its position as one of Europe's leading commercial
printers. The recommended offer to acquire all of the shares of TINA for the
approximate sum of US $221 million plus the assumption of US $51 million in debt
was announced on July 9, 1998. The offer was open for acceptances until August
21, 1998.
"This acquisition is once again proof of our commitment to growth in Europe,"
said Charles Cavell, President and Chief Executive Officer of Quebecor Printing.
"The European print market remains fragmented. But it offers both opportunity
and stability, two key elements in our strategy to expand our operations and
become the only truly global printer."
With SEK1.6 billion (US $205 million) in annual revenue, TINA is the leading
magazine and catalog printer in Scandinavia and the largest rotogravure printer
with 57% of the Scandinavian rotogravure market. The acquisition strengthens
Quebecor Printing's rotogravure operations in Europe while providing a market
position through hard currency denominated exports into Russia and the Baltic
States. Quebecor Printing expects to benefit from the strong market demand for
magazines and catalogs in Russia where there is no local rotogravure printing
capacity.
On August 25, 1998 TINA released its six-months results which were consistent
with Quebecor Printing's expectations. Sales of SEK858 million (US $107
million) reflected 9% organic growth over the same period last year. Earnings
before interest and taxes was 11.4% of sales. TINA's management have reaffirmed
their expectations for continuing favourable results for the balance of the
year.
As the next step in its European growth strategy, the TINA acquisition will
increase Quebecor Printing's European revenues to over US $800 million, making
Quebecor Printing Europe the Company's second largest division responsible for
over 20% of consolidated annual revenue. At its creation in 1993, Quebecor
Printing Europe's revenues were US $4 million.
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 checks, 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,
Sweden, Finland, Spain, Germany, Chile, Argentina, Peru, Mexico and India.
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NOTE TO EDITORS: FOR FURTHER DETAIL ON THE ACQUISITION, PLEASE CONSULT QUEBECOR
PRINTING NEWS RELEASE AND BACKGROUNDER ISSUED JULY 9, 1998.
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: AUGUST 26, 1998
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