SUSSEX — Quad/Graphics Inc., the Sussex, Wis.-based printing company, has decided to close four plants and eliminate 1,100 jobs across the country, the Milwaukee Business Journal reports.
The TMJ4 news partner reports that the company saw revenues decline 29 percent this year. In an attempt to halt the trend, Quad/Graphics has decided to close four of its printing plants in four states - but not in Wisconsin. The plant closures do not include the plants in West Allis, Sussex, Hartford and Lomira.
Instead, the company has closed plants in Taunton, Massachusetts; Charlotte, North Carolina; Portland, Oregon, and Riverside, California, the BizJournal reports.
A Quad/Graphics spokesperson tells the BizJournal that the employee reductions began at the beginning of 2020.
Executive vice president and chief financial officer David Honan said during a Nov. 4 analyst call that revenue for the nine months ending on Sept. 30 came in at $1.59 billion. That's compared to $2.25 billion recorded during the same time in 2019, according to the BizJournal.
Honan credits the fall in revenue to the COVID-19 pandemic and pressures to printing volume and pricing in the industry.