Quad/Graphics closed 4 plants, cut 1,100 jobs

 

Wisconsin-based Quad/Graphics has closed four plants and cut 1,100 jobs, the Milwaukee Business Journal reports. 

Printing company Quad shuttered plants in Taunton, Massachusetts (in May); and in Charlotte, North Carolina; Portland, Oregon; and Riverside, California (all in February). The drop in employee numbers took place since the start of the year, said the business journal.

The closings were mentioned in Quad’s earnings call on Nov. 4, with the closures helping the company “rightsize our costs to match volumes,” according to Executive Vice President and CFO Dave Honan.

“Net sales were $679 million in the third quarter, down 28% from 2019. And on a year-to-date basis, net sales were $2.1 billion, down 27%,” Honan said. “Both the quarter and year-to-date variances are primarily due to the economic impact from the pandemic, ongoing print industry volume and pricing pressures, and a 2% impact related to the divestiture of our Omaha packaging facility in January of 2020,” he said in the call, according to a Motley Fool transcript.

Since the pandemic began, Quad saw the largest decline in net sales during the second quarter, as net sales decreased 38%, Honan said.

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