"[The] program will improve our competitive position, lower our cost base and provide better service to our customers," said president and chief executive Pierre Karl Pladeau.

The global print group declined to reveal details of the UK investment at its Corby site, which gained a fillup this week by securing Heat in the Emap review. In a statement the group said the UK upgrade was "conditional on the outcome of negotiations with employee representatives".

The same applies for two proposed 64pp web presses set for its Mar-sur-Marne facility in France.

However, the firm revealed that it is set to install two new 4.3m gravure presses at Charleroi, Belgium by the end of the year, which will be the largest in Europe. It is also to install new 64pp-offset presses at sites in Austria and Spain.

Quebecor has also announced a 136m write-down charge for Q4 2006; according to the firm this is "primarily related" to its operations in the UK and France.

"Although we are disappointed with our performance in France and UK, we remain confident in the European print market," said Pladeau.