A combined company would have had $5.1 billion in revenue for the year ended Sept. 30, 2009. The printers' chief competitor, R.R. Donnelley & Sons, has annual revenue of $11.6 billion.
The deal is expected to close this summer. When it is completed, Quad/Graphics, which now is privately owned, will become a publicly traded company with Quad's shareholders controlling 60% of the combined business; World Color shareholders will control the remainder.
“Customer needs and demands are rapidly evolving, and our expanded company will be even better equipped to meet those demands. With increased access to capital markets, we plan to make appropriate investments in our platform and data-driven solutions to secure the future of print,” Joel Quadracci, Quad/Graphics chairman and president-CEO, said in a statement. Quadracci will hold that same title at the combined company, which will retain the Quad/Graphics name.
Mark Angelson, World Color chairman-CEO, will serve on the board of the merged company.
World Color Press, formerly known as Quebecor World, emerged from bankruptcy protection last year.