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TORONTO (Reuters) - Quebecor World Inc, the printer restructuring under court protection from creditors, said it will shed 700 jobs at two plants in Canada and the United States as it continues to clamp down on costs.
The move will result in the closing of a commercial printing plant in Connecticut by the end of the second quarter and a significant downsizing of a flyer, catalog and directory plant in Ontario, the company said.
The cuts are part of a retooling and restructuring plan that Quebecor World kicked off three years ago. The plan is aimed at cutting costs and improving productivity by centralizing work in fewer but larger plants.
Quebecor World, which filed for court protection in late January, is controlled by Montreal-based publishing and media group Quebecor Inc.
Quebecor World has about 28,000 employees around the world and prints products such as magazines, books and advertising materials.
Its shares were flat at 21 Canadian cents on the Toronto Stock Exchange on Thursday morning. About a year ago, they were trading at C$15.50.
Reporting by Wojtek Dabrowski; editing by Peter Galloway