Quebecor World hopes to save 22m ($36m) a year after recording a 38m loss, including 51m of restructuring charges and write-downs, in the second quarter.
The charges included a 9.3m provision for doubtful accounts. The spokesman said the group thought it was prudent to take the charge as some of its clients were having problems too.
The job cuts are in addition to 364 redundancies announced in February and 505 up to December 2002 (PrintWeek, 7 February 2003). Quebecor World also cut 3,000 jobs in 2001.
President and chief executive Jean Neveu said the latest cuts demonstrate our new resolve to deal with the current competitive environment while setting a clear course for the future.
The worlds largest commercial print group reported a 4% rise in sales for the first half of 2003 to 1.87bn.
Along with Corby, the groups operations in Belgium and Austria performed well, but those in Spain and the Nordic countries suffered.
France also continued to be a problem, although the spokesman said its workload for July and August was better than in the same period last year.
RR Donnelley chairman, president and chief executive Bill Davis is to retire after six years with the group.
Quebecor Worlds second quarter
Sales (% change) Operating result (% change)
Europe 12-59
North America 0 -63
Latin America0 -230
Story by Gordon Carson
