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Quad/Graphics Plans to Buy Rival Magazine Printer Worldcolor
Jan. 26 (Bloomberg) — Quad/Graphics Inc., a closely held U.S. printer, agreed to buy Worldcolor Press Inc. of Canada, which prints magazines such as Time and Cosmopolitan.
The merged company, which will be publicly traded, will have 30,000 employees and combined sales of $5.1 billion, based on the figures for the year to last Sept. 30, Quad/Graphics said in a statement today.
Joel Quadracci, Quad/Graphics’s chief executive officer, will lead the new company as chairman, president and CEO, the company said.
“We will enhance our leadership position in the printing industry,” Quadracci said in the statement.
Shareholders of Worldcolor, which is based in Montreal, will own about 40 percent of the combined company, the statement said. The Quadracci family will control the company through ownership of its Class B shares. Quad/Graphics will distribute $140 million in cash to its shareholders, the company said.
Quad/Graphics has $1.2 billion of financing from JPMorgan Chase & Co. and U.S. Bancorp to fund the acquisition and cash distributions and to refinance borrowings, the company said.
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