Quad/Graphics furloughs employees, temporarily cuts salaries and suspends operations at several plants - Global Paper Money

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Quad/Graphics furloughs employees, temporarily cuts salaries and suspends operations at several plants

WISCONSIN (From news reports) -- Quad/Graphics Inc. said it has temporarily furloughed employees throughout the company and suspended operations at a number of its plants.

The company -- which will continue to pay for medical benefits for furloughed employees -- did not disclose how many employees are affected by the move.

Quad also said it was temporarily reducing the salaries of 300 employees, including a 50% salary reduction for its CEO and a 35% reduction for executive officers.

In addition, the company's board is reducing directors' fees by 50%.

Other moves by the company include:

Delaying capital spending projects.
Borrowing $100 million under an existing credit facility, incrasing its cash on hand to approximately $200 million to ensure continued financial flexibility.
Suspending its quarterly dividend of $.15 a share.
Quad also said it is withdrawing its financial guidance for 2020.

"We have faced tough times before and persevered," Joel Quadracci, Quad's chairman, president and CEO, said in a statement. "While the COVID-19 pandemic is unique and presents uncertainty, I am confident in our ability to find a better way and weather this storm."

Quad employed 8,000 people in Wisconsin in July. The company operates large plants in Sussex, Hartford, Lomira and West Allis.

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