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Business  

Torstar closing operations

Torstar Corp. says it will close its Hamilton printing and mailroom operations this summer and look at selling the property.

The newspaper publisher says the printing work done at the facility will be transferred to TC Transcontinental Printing and other Torstar-owned facilities as well as other external printers.

The decision will affect approximately 73 full-time and 105 part-time staff.

In connection with the move, Torstar says it has extended its printing arrangements with TC Transcontinental Printing to 2024.

Torstar expects to save approximately $4 million to $6 million annually once the change is fully implemented. It expects to record a roughly $6-million restructuring charge in connection with the closure.

If the property is sold, the company says it expects the Hamilton Spectator will continue to operate a head office in a new location in the Hamilton area.

"This was a difficult but necessary decision in order to operate more efficiently," Torstar chief executive John Boynton said in a statement.

"This is in no way a reflection of the print and mailroom quality at the Hamilton facility, but rather a decision based on aging presses and more cost-effective alternatives."

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Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal's La Presse.

Companies in this story: (TSX:TS.B)



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