SUSSEX, Wis. (AP) -- Printing company Quad/Graphics Inc. will stop production in May at an Illinois plant that employs 230 people, as it continues to integrate operations following its acquisition of World Color Press last July.
The Sussex, Wis., company said Tuesday that work from the Mt. Morris, Ill., site will be shifted to other locations. Quad/Graphics will help plant employees find new jobs, including those available at other Quad/Graphics locations.
Chairman and CEO Joel Quadracci said in a statement that the plant's closing was necessary to integrate operations and trim excess capacity, and noted that it is not shutting down because of employee performance or client service issues. Quad/Graphics said it is on target to achieve more than $225 million in annual savings within 2 years of completing the Worldcolor deal.
"We remain resolute in our goal of creating the industry's most efficient and modern manufacturing platform to benefit our clients and drive shareholder value," he said.
Shares of Quad/Graphics fell 80 cents to $42.50 in Tuesday morning trading.
The Sussex, Wis., company said Tuesday that work from the Mt. Morris, Ill., site will be shifted to other locations. Quad/Graphics will help plant employees find new jobs, including those available at other Quad/Graphics locations.
Chairman and CEO Joel Quadracci said in a statement that the plant's closing was necessary to integrate operations and trim excess capacity, and noted that it is not shutting down because of employee performance or client service issues. Quad/Graphics said it is on target to achieve more than $225 million in annual savings within 2 years of completing the Worldcolor deal.
"We remain resolute in our goal of creating the industry's most efficient and modern manufacturing platform to benefit our clients and drive shareholder value," he said.
Shares of Quad/Graphics fell 80 cents to $42.50 in Tuesday morning trading.