News

Graphic Arts Online, 7/11/2008 9:52:00 AM

Quebecor World signed a new multi-year agreement valued at approximately $55 million with Reader's Digest Assn. to print magazines and books.

The agreement includes renewal work on titles such as Family Handyman, Reader's Digest Large Print, Weekly Reader, QVC books and Select Editions books. The agreement also includes significant new work for the Montreal-based printer including Weekly Reader Current Events and Reader's Digest Milwaukee magazine. Quebecor says its relationship with Reader’s Digest dates back more than 30 years.

The work will be printed at facilities in the U.S. and Canada. The current deal follows two previous contracts captured in recent months totaling $85 million. (e-GAM 6/30/08, e-GAM 5/15/08)

Last week, QW’s U.S. operations won court approval of a plan to pay about 250 managers bonuses totaling as much as $41.9 million U.S., depending on whether Quebecor World meets performance targets in its bankruptcy filing. (e-GAM 1/23/08)

The court said the bonus plan wouldn't violate a 2005 change in the bankruptcy code that was meant to discourage high bonuses to managers who oversaw companies before they filed for bankruptcy.

http://www.graphicartsonline.com/article/CA6577720.html?nid=3470&rid=reg_visitor_id&source=title