Torstar, according to a report by The Canadian Press, plans to shutter its Vaughan, Ont., printing plant, just outside of Toronto, which will affect 220 full-time employees and 65 part-time staff. The company states it hopes to sell the plant.
Transcontinental Inc. of Montreal has come to an agreement with Torstar to print its Toronto Star daily newspaper for five years, with the possibility of an extension.
The contract is expected to take effect in July 2016 and the newspaper is to be printed at Transcontinental’s Vaughan facility, which, according to the company, will require only minimal investment based on the plant's existing flexible hybrid platform.
“This is a very positive development for TC Transcontinental Printing,” said Brian Reid, President of TC Transcontinental Printing and TC Transcontinental Packaging. “This agreement further demonstrates the ongoing interest in our ability to help publishers across Canada become more efficient. This contract will also enable TC Transcontinental Printing to further optimize its capacity utilization at Transcontinental Vaughan.”
The Canadian Press states Torstar’s plant closure is expected to save the company about $10 million per year, while recording about $22 million in restructuring charges this year.
Torstar’s Vaughan plant opened its doors in November 1992 with capabilities to print more than 55,000 copies per hour. Last year, Torstar Printing Group generated revenues of more than $150 million for the parent company.
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