18 February 2009
Transcontinental announces 1500 job cuts
MONTREAL—Transcontinental Inc. will eliminate 1,500 jobs over the next fiscal year in both its printing and media divisions, the company announced today.

About 40% of lost jobs are in Canada and half of those are in Quebec, a company spokesperson told PrintCan. Transcontinental said 50% of the jobs cuts—or 750 positions—will take place in the U.S., including 500 direct-mail employees who have already been laid off. The remaining 10% of jobs lost are in Mexico.

The company has also implemented a hiring freeze and will force a one-week unpaid vacation on all remaining employees. Senior managers, meanwhile, have agreed to take two weeks of unpaid vacation that they will work through. Capital investments, expect for those assigned to outsourced newspaper printing, have also been reduced.

The cuts represent cost reductions of $75 million on an annualized basis, including $50 million in 2009, the company said.
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Bob says:
Good, I feel no sadness for them....
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