Quad/Graphics, Inc. (NYSE:QUAD) filed a Workers Adjustment and Retraining Notification (WARN) with the Ohio Department of Job and Family Services, announcing plans to shutter its printing plant in Columbus, affecting 116 employees.
Layoffs at the plant located at 4051 Fondorf Drive, which produces retail advertising inserts, will take place on December 8, 2017. The company said it is, “very focused on helping our employees transfer to another Quad/Graphics location. Unfortunately, the company has no other operations in Ohio, with the next closest ones being in Kentucky and Michigan.
In 2010, the Wisconsin-based company initiated a restructuring program to streamline operations and cut costs. Since that time, Quad/Graphics has closed 37 plants and laid off approximately 11,700 employees.
Most recently, in October, Quad/Graphics announced plans to shutter its plant in Waseca, Minnesota. The move will put more than 330 people out of work. The company will close the plant by the end of the year.
The printer said that about 30 employees will stay on at the plant to support area clients, but the vast majority of the plant’s work is shifting to other facilities across the country.
For the time being, the Waseca plant prints more than 800 weekly, biweekly, and monthly special interest publicans, consumer publications, business-to-business publications, catalogs and inserts for national clients.
In the third quarter of 2017, Quad/Graphics announced that revenue slipped five percent year-over-year to $1.0 billion. Net income increased to $20.0 million, or $0.38 per share. For the first nine months of 2017, revenue decreased more than five percent to $2.96 billion. Year-to-date net income climbed to $51.9 million, or $1.01 per share.
“Current Public Notices of Layoffs,” Ohio Department of Job and Family Services, last accessed November 20, 2017.
“Form 10-Q,” U.S. Securities and Exchange Commission, November 1, 2017.
“Columbus printing plant closing, ending 120 jobs,” Columbus Business First, November 16, 2017.
“Worldwide Locations,” Quad/Graphics, Inc., last accessed November 20, 2017.
“Quad/Graphics Reports Third Quarter And Year-To-Date 2017 Results,” Quad/Graphics, Inc., October 31, 2017.