Quebecor World to sell European operations
Quebecor World Inc. has signed a definitive agreement to sell its European operations to Hombergh/De Pundert Group, a Netherlands-based investment group, for approximately €133 million.
On January 21, Quebecor World filed for creditor protection in the US and Canada due to its inability to raise new capital in the current market environment and to complete the sale of its European operations.
“The sale of our European operations is an important step in our restructuring activities that we believe should enable us to exit creditor protection in North America as a stronger player in our industry,” said Jacques Mallette, president and CEO of Quebecor World, in a statement.
Quebecor World's European operations include 17 printing and related facilities employing approximately 3,500 people in Austria, Belgium, Finland, France, Spain and Sweden. The division produces magazines, catalogs, retail inserts, direct mail products, books and directories for retailers, publishers and branded goods companies.
The deal is expected to close by the end of June 2008.