Quebecor World Inc. is reorganizing its U.S. book printing business as part of a global restructuring that will cost it charges close to $80 million, the company said Friday.
The Montreal-based commercial printer of magazines, books, inserts, mail and catalogs will decommission or redeploy equipment from its Kingsport, TN, book facility. Nearly 450 employees will lose their jobs.
The decision aims to help Quebecor World "improve customer service, maximize asset utilization and increase efficiency," the company said in a statement.
Though the company has reduced its Kingsport work force, it expects to create 280 jobs at other U.S. book plants once new equipment is in place and current assets moved. Existing employees will be urged to apply for the open positions.
Quebecor World's move is in line with other cost-cutting measures. In May, the company made public its decision to close its magazine printing plant in Effingham, IL. The company also is negotiating with employees' representatives in Stockholm, Sweden, to gauge the local plant's future.
"This facility has struggled financially during the last several years, and there is a strong possibility that the current negotiations will lead to a reorganization of our Nordic gravure platform that could involve the closing of the Stockholm plant," the company statement said.