News

Quebecor ceasing activities in Europe - EWC seaks contact with HHBV

Following the meeting of the European Works Council in Barcelona on May 29, and the commitment of Ben Schwartz who chaired the meeting, the Select Committee met in London on June 11, 2008.

On this occasion, Bill Glass, representing the multinational, provided details on the causes and conditions of the transfer of shares of Quebecor World Europe to the investment fund HHBV.

Quebecor confirms, in large part, what was already known to the employee representatives in the European sites of Quebecor. They also confirmed that the acquisition of QWE shares would be the first step to a large-scale operation in the graphical industry throughout the continent.

Appreciating that this meeting was held, the members of the EWC again regretted the absence of prior information and consultation.

The first step to validate the transfer of shares will be the decision of the Court of Montreal to be taken on June 17. If accepted, it will take effect from 30 June 2008.

After that, the name « Quebecor » would no longer be used and, said Glass, it would be a "NEW COmpany".

We raised questions about the future of businesses and employees and the global agreement signed between QW and UNI. Members of the Select Committee and union representatives reaffirmed their desire to maintain the EWC and meet leaders of HHBV quickly.

Subject to clearance with Ben Schwartz, Bill Glass committed to support our initial contact with HHBV.

This meeting should be an opportunity to test the intentions of new shareholders and their concept of social relationships, especially at a European level.

The information we received indicated that HHBV intend to expand their activities into related media – accelerating profound changes already going on in the graphical sector in Europe. UNI-Europa Graphical will keep affiliates fully informed of developments, and we will use our experiences to anticipate better the upcoming restructuring moves in Europe.

London, June 11, 2008