The Twin Cities of Minneapolis/St. Paul have long held a rich tradition of being the home to many well-known names in the printing industry. But among the leading printers in this crowded market space, one has decided to set seismic goals amid the competitive field in an effort to reap benefits for both its prized customers and its own 200 employee internal team. Bolger Vision Beyond Print, a commercial printer and customized technology solutions company led by CEO dik Bolger, has long needed a sister press to accompany its KBA Rapida 105 10-color long perfector press to provide its sales force with additional capacity for its growing sales volume. Later this summer, the pressroom will be accommodating that need with the installation of a new KBA Rapida 105 six-color press with UV and full automation. “The new KBA Rapida 105 six-color press will become our key workhorse,” says Bolger. “Our clients love our existing KBA 10-color perfector but we’re selling out of hours on the press. Not only will the new press give us extra capacity but it will also help us expand our luxury and education markets, as well as custom packaging. Now that we’re moving into our busy season in late summer, we’re depending on the new Rapida 105 six-color with all of its automation to cut our makeready times in half and double our run speed, which will have a multi-million dollar impact to our top line sales.” Click Read More below for additional detail.
Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today provided a business update on its actions taken in response to the COVID-19 pandemic.
Quad has been executing business continuity plans focused on protecting the health and well-being of its employees, while also continuing to service customers, and protect the long-term financial health of the Company as the COVID-19 pandemic evolves.
“The health and safety of our employees remains our top priority,” said Joel Quadracci, Quad’s Chairman, President and CEO. “We have directed employees who can work from home to do so, as well as implemented additional social distancing and sanitizing precautions to ensure the safety of our employees working in essential manufacturing facilities. We have implemented a temporary furlough program throughout all areas of the Company and have temporarily ceased operations at a number of our manufacturing facilities. We will continue to prioritize the health and well-being of our employees while making the tough but necessary decisions to protect the financial health of Quad. Through it all, we will continue to provide extraordinary client service and quality to quickly meet our clients changing needs and innovate new ideas to help them maintain business continuity and consumer engagement during this period of uncertainty.”
Recent COVID-19 Actions: *Suspended all domestic and international travel; *Implemented temporary salary reductions for over 300 leaders, including a 50% salary reduction for the CEO and a 35% reduction for the other named executive officers; *At the recommendation of the Board of Directors, temporarily reduced directors’ fees by 50%; *Implemented a temporary employee furlough program with Company-paid medical benefits; *Changed vacation policies; *Suspended production at several manufacturing facilities where declining client volume or other effects of the pandemic have impacted the Company’s ability to operate; *Delayed capital spending projects; and *Increased borrowings by $100 million under the credit facility to increase cash on hand to approximately $200 million to ensure continued financial flexibility.
Given the uncertainty of the duration of the COVID-19 pandemic, Quad is withdrawing its full-year 2020 financial guidance issued on February 18, 2020. Additionally, due to uncertainty in customer demand as a result of COVID-19, the Board of Directors made the proactive decision to temporarily suspend the Company’s quarterly dividend of $0.15 per share. The Company remains committed to paying a dividend over the long-term and will seek to resume the dividend following stabilization of its operating environment.
Added Quadracci: “We have faced tough times before and persevered. 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.”