February 9, 2012

117 To Lose Jobs When Donnelley Printing Plant Closes

RR Donnelley & Sons, a $10.6 billion global printing company, is closing its Windsor location in March, putting 117 people out of work.

In a press release the same day of the announcement, the CEO told investors that 2011′s cash flow would be better than previously projected — instead of having $600 million in profits (not counting capital expenditures, taxes and debt service), it will have $650 million to $700 million.

In its third-quarter earnings report, the company said profits tripled from the same time last year, and sales increased 8 percent.

“We continue to have success in the marketplace, winning new work and expanding customer relationships. Given the challenging global economic environment and sluggish financial markets activity, we are pleased with our results,” said Thomas J. Quinlan III, RR Donnelley’s president and chief executive officer. According to Forbes Magazine, he was paid $2.64 million in 2010, and owns $6 million in stock in the company.

In Windsor, 69 production employees, 12 managers and 36 administrative employees, from accountants to database coordinators to operations clerks, will lose their jobs when the printing plant closes.

Read more here.