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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 JANUARY 12, 2000
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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 RELEASE OF
QUEBECOR PRINTING INC.
FILED IN THIS FORM 6-K
January 12, 2000 (#01/00)
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NEWS NEWS [LOGO] NEWS NEWS
QUEBECOR
PRINTING INC.
January 12, 2000 01/00
FOR IMMEDIATE RELEASE PAGE 1 OF 2
QUEBECOR WORLD MERGER
TO DELIVER $100 MILLION OF ANNUAL SAVINGS
MONTREAL - Quebecor World (Quebecor Printing Inc. or the Company) announced
today that management is implementing a major restructuring plan to optimally
integrate the operations of Quebecor Printing and World Color Press. As a result
of these initiatives, the Company has taken restructuring and other special
charges in the fourth quarter ended December 31, 1999.
"The synergies between the Quebecor Printing and World Color operations are
significantly better than originally anticipated. However, in order to achieve
these additional benefits, a significant restructuring of our manufacturing
facilities in the USA is required and consequently, restructuring charges were
incurred in the fourth quarter of 1999," said Charles G. Cavell, President and
CEO of Quebecor World.
Quebecor World disclosed earlier this year that it expected cost savings and
synergies from the merger to exceed $50 million annually. As a result of the
restructuring plan, the Company has now increased its target to realize
annualized cost savings in excess $100 million once action plans are fully
implemented.
The restructuring and special charges amount to approximately US$ 180 million
pre-tax. These charges consist primarily of severance payments and the
write-down of surplus equipment and buildings. Other restructuring costs
included in the special charges and accrued in the fourth quarter relate to the
closure of facilities in France involving the redeployment of equipment and the
transfer of customer orders to other operations. The total cash costs to
implement the restructuring plans over the next 18 months are estimated at $125
million, compared with an estimate of $100 million at the time of the
acquisition.
"Market leadership is not merely a matter of size, but most importantly, taking
advantage of our size to improve our business. The restructuring will provide
for fewer but larger plants and therefore less administrative cost and better
economies of scale; increased plant specialization that allows for greater
efficiency; and improved distribution which reduces the final cost to our
customers and also improves speed of delivery to the end users of the print
product. As the world's largest commercial printer, we have the obligation to
provide the highest level of service to our customers and the highest level of
return for our shareholders", stated Mr. Cavell.
The implementation of these initiatives began concurrently with the closing of
the Merger on October 8, 1999. The consolidation of the combined sales
organization and corporate services has been completed. Prepress operations of
Quebecor Printing in Denver and Orlando and of World Color in Lake Mary and
Orlando have been consolidated. The closure of the Sherwood plant and transfer
of its production to the nearby Kingsport facility is completed, while the
redeployment of equipment from the San Jose plant is currently underway.
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NEWS NEWS [LOGO] NEWS NEWS
QUEBECOR
PRINTING INC.
FOR IMMEDIATE RELEASE PAGE 2 OF 2
Other manufacturing facilities have been identified for integration under the
restructuring plans, which will be systematically implemented on a manageable
schedule over the next 18 months.
By restructuring our manufacturing platform in the USA, management is confident
that we can significantly reduce our employee count and maintain the total
volume of sales while actually improving customer service. "Where possible,
employee transfer, attrition and early retirements will be used to mitigate the
impact on our personnel. We will treat affected employees with respect and
fairness as we have historically," stated Mr. Cavell.
"A strategy for evolution has been established. A plan is now in place to
realize the strategy. The Product Group Presidents are committed to the
realization of the plan. This, I believe, will produce service to customers and
performance to investors never before achieved in this industry," stated Mr.
Cavell.
Quebecor World (Quebecor Printing Inc. - NYSE: PRW, TSE: IQI) is a diversified
global commercial printing company. Following its Merger with World Color Press
completed October 8, 1999, it is now the largest commercial printer in the
world. The Company is a leader in most of its major product categories, which
include magazines, inserts and circulars, books, catalogs, general commercial,
specialty printing, direct mail, directories, related services and CD-ROM
mastering and replicating. The Company has over 40,000 employees working in more
than 160 printing and related facilities in the United States, Canada, France,
the United Kingdom, Spain, Germany, Austria, Sweden, Finland, Chile, Argentina,
Peru, Columbia, Mexico and India.
At the Company's Annual Meeting on April 25, 2000, shareholders will be asked to
approve a change of legal name to Quebecor World Inc.
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE STATEMENTS IN THIS
RELEASE ARE FORWARD-LOOKING AND MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS
INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES WHICH MAY CAUSE THE COMPANY'S
ACTUAL RESULTS IN FUTURE PERIODS TO DIFFER MATERIALLY FROM FORECASTED RESULTS.
THOSE RISKS INCLUDE, AMONG OTHERS, CHANGES IN CUSTOMERS' DEMAND FOR THE
COMPANY'S PRODUCTS, CHANGES IN RAW MATERIAL AND EQUIPMENT COSTS AND
AVAILABILITY, SEASONAL CHANGES IN CUSTOMER ORDERS, PRICING ACTIONS BY THE
COMPANY'S COMPETITORS, AND GENERAL CHANGES IN ECONOMIC CONDITIONS. THOSE AND
OTHER RISKS ARE MORE FULLY DESCRIBED IN THE COMPANY'S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION.
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FOR FURTHER INFORMATION:
Christian M. Paupe Charles G. Cavell
Executive Vice President President & Chief Executive Officer
Quebecor World Quebecor World
Tel: (514) 954-0101 Tel: (514) 877-5185
(800) 567-7070 (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: (Signed) Claudine Tremblay
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Name: Claudine Tremblay
Title: Assistant Secretary
Date: JANUARY 13, 2000
