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Quad (company)
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Quad is an American marketing services company headquartered in Sussex, Wisconsin.[3][4] It provides a range of print and marketing services that support physical and digital media channels through audience targeting services, omnichannel media planning and placement, creative and content production, retail display and packaging, postal optimization, and consumer analytics. In 2025, Quad ranked as one of the largest agency companies in the U.S. and as one of the largest commercial printers in North America.[5][6]

Key Information

Harry V. Quadracci founded Quad on July 13, 1971, as a privately owned printing company. In 2023, Quad had 43 manufacturing and distribution facilities and over 70 client-based on-site locations.[7] In 2025, Quad had approximately 11,000 employees around the world and approximately 2,100 clients.[8]

Quad’s initial public offering was on July 6, 2010. It is traded on the New York Stock Exchange under the ticker symbol QUAD. The company reported $2.7 billion in net sales in 2024.[5]

History

[edit]

Founding and first national contracts

[edit]

Harry V. Quadracci founded Quad, originally named Quad/Graphics, on July 13, 1971, in an abandoned Pewaukee, Wisconsin, factory.[9][10][11] He raised the funds to establish the printing company, in part, by taking out a $35,000 second mortgage on his house, and began with 11 employees.[11][10] Some of the company's first contracts were with Investor magazine and the national Fishing Facts magazine.[11] By 1973, Quad had 25 employees and $2.8 million in sales.[12]

In 1973, Quad founded its first division, Duplainville Transport.[13][12] It continues to operate as Quad’s trucking division.[14] Over the next few years, Quad continued to grow and had 100 workers and three presses by 1976, and 300 workers and six presses in 1979.[11]

In the late 1970s, Quad was awarded its first substantial national contract with Newsweek.[11] Contracts with Harper's, Time, and US News & World Report followed.[11]

Publishing growth

[edit]

By the mid-1990s, the company was printing magazines like People, Sports Illustrated, Playboy, Architectural Digest, and catalogs for LL Bean and Lands' End.[15][11] In 1991, Quad had almost 9,000 employees and annual sales of $509 million.[16][11] In 2000, Quad acquired the contract to print National Geographic, producing 9 million copies of the magazine monthly.[17]

In 2002, Tom Quadracci took over as company president and CEO after the death of his brother Harry.[18] The company had around 14,000 employees, $2 billion in annual sales, and 15 plants on three continents.[12] It was the largest privately owned printing company in the world.[19] In 2004, Tom took over as chairman and CEO, and, in 2006, Joel Quadracci, Harry’s son, was promoted to president and COO.[18][11]

New York Stock Exchange

[edit]

On July 6, 2010, Quad began trading on the New York Stock Exchange (NYSE: QUAD) following the acquisition of Canadian rival World Color Press in an all-stock deal worth between $1.3 billion and $1.4 billion.[20][21][22][23][24] Quad’s listing was not an IPO because it was not done in order to raise cash, but instead was necessary to complete a stock exchange with World Color as part of the acquisition.[23]

Quad is still controlled by the Quadracci family through ownership of high-voting class B shares.[25][11][21][24]

Expansion to marketing and business services

[edit]

In 2010, Quad became LL Bean’s exclusive provider for studio photography.[26][27] The company managed studio operations in cooperation with LL Bean’s Photography Operations and Creative Department.[26][27] The agreement covered photography for LL Bean’s catalogs, including Men’s, Women’s, Kid’s, Fly Fishing, Hunting, Traveler, and Home titles, as well as its websites and e-commerce business.[26][27]

By 2016, Quad, continuing to expand its marketing services, had built a $200 million packaging company and added offerings for in-store displays.[28][29] BlueSoho, initially formed in 2004 as a digital art and image retouching studio, was repositioned in 2015 with the addition of a mobile marketing agency and media planning and placement group.[28][29] Quad reported $4.3 billion in net sales in 2016.[30]

In September 2017, Quad won a $450 million contract to print all of Bluestem Brands' catalogs.[31] In 2019, Quad began producing 100% of Condé Nast’s titles, expanding a previous partnership that began in 1993.[31][15] Publications under the partnership included Allure, Architectural Digest, Domino, Golf Digest, GQ, GQ Style, Teen Vogue, W Magazine, Wired, Bon Appétit, Condé Nast Traveler, Glamour, Vanity Fair, Vogue, Brides, and The New Yorker.[31]

In 2018, Quad further expanded its capabilities through the acquisition of Ivie & Associates, a Texas-based marketing production services and marketing execution company that had dedicated teams located on-site at client locations.[32] That same year, Quad gained a majority interest in Rise Interactive, a Chicago-based digital marketing agency.[33][34] One year later, Quad completed the acquisition of Periscope, a creative agency headquartered in Minneapolis, Minnesota.[35]

In February 2019, Quad announced a name and logo update, changing its name from Quad/Graphics to Quad.[36] This was in an effort to focus more on the company’s marketing services.[36] The company is still known as Quad/Graphics, Inc., legally.[36]

In February 2021, Joel Quadracci testified before a Congressional committee about the need for major reforms in the U.S. Postal Service.[37] Quadracci spoke both as the CEO of Quad and on behalf of the Coalition for a 21st Century Postal Service.[37] It was the fourth time in a decade that Quadracci testified before Congress about the Postal Service.[37]

In 2021, Quad expanded its relationship with Package InSight, an organization that uses biometric technology to study brand packaging performance, consumer attention, and shelf-impact.[38] In 2024, Package InSight’s Consumer Research Labs expanded inside Quad’s Marketing Experience Innovation in West Allis, Wisconsin, to let brands test packages and research the reactions and preferences of real shoppers in mock retail environments.[39]

In 2022, Quad’s creative agency launched Favorite Child as its brand design house, which offers design strategy, brand identity, packaging and retail design services.[40][41] Favorite Child supports brands such as Titleist and Aldi.[42][43]

In 2024, Quad launched a new creative agency named Betty, in honor of the late Betty Quadracci. This new entity consolidates Quad's creative capabilities, including the creative and content production agency brands Ivie & Associates Inc. and Periscope.[44][45][46]

Additionally, in 2024, Quad introduced InStore Connect, an in-store retail media network technology. Partnering with The Save Mart Companies, the initial rollout of this technology will be across 15 stores.[47][48][49] Since its launch, Quad has added other retailers, including Homeland Stores and Vallarta Supermarkets.[50][51]

Services

[edit]

Quad offers marketing and print services and products.[52][53] These services include:[52][53][54]

  • Campaign planning
  • Marketing outsourcing
  • Production service outsourcing
  • Intelligence
  • Data and analytics
  • Technology services
  • Media services
  • Creative and content services
  • Managed services
  • Execution in non-print channels (broadcast and digital)
  • In-store marketing and promotion
  • Print execution and logistics
  • Sourcing and procurement

In 2023, Quad released a new campaign, “Built on Quad”.[55] This was the company’s first large-scale marketing and advertising campaign focused on Quad’s “end-to-end” services and products.[55]

Operations

[edit]

At the end of 2022, Quad operated 45 manufacturing and distribution plants around the world, and over 80 client-based on-site locations.[56]

In 2023, Quad had over 2,700 clients and 13,000 employees.[3] Around 1,500 Quad employees are based in marketing departments in client companies.[3] Clients include Cabela’s, Safeway, Vons, and Shaw’s.[3]

Culture

[edit]

In February 2021, Quad and the Quadracci family's Windhover Foundation committed $1 million to a three-year partnership with The BrandLab, a non-profit organization that supports young people from diverse backgrounds to advance in the marketing industry.[57][58]

In 1990, Harry V. Quadracci founded QuadMed to improve the quality and cost-effectiveness of employee healthcare, serving as a provider of onsite primary care services to employees and their families.[59] Today QuadMed provides workplace health services for employers across the country.[59] Onsite services include physical therapy and condition management programs for conditions such as diabetes and asthma.[60]

People

[edit]

Joel Quadracci is the CEO of Quad.[3][11] Between 2020 and 2023, Quad hired Julie Currie (formerly Nielsen Company) as Executive Vice President and Chief Revenue Officer,[61][11] Josh Golden (formerly Ad Age) as Chief Marketing Officer,[62][3] and Joshua Lowcock (formerly IPG-owned UM Worldwide) as President of Quad Media.[63]

In 2023, Quad appointed Beth-Ann Eason to its board of directors and Compensation Committee.[64] In October, Quad appointed Melanie Huet as a board member.[65] Huet is President of Brand Management & Innovation and a member of the Executive Committee at Newell Brands, a consumer products company.[65]

Acquisitions and consolidation

[edit]

In 1983, Quad/Graphics purchased Milwaukee Magazine, and made Betty Quadracci (the wife of Harry V. Quadracci) the president and publisher.[11]

In July 2010, Quad acquired competitor World Color Press,[66] In November it acquired the HGI Company, a commercial and specialty products printer;[67] this was followed by a July 2011 asset swap with Transcontinental Incorporated, in which Quad acquired Transcontinental's Mexican assets, along with its black-and-white book printing business for U.S. export (in exchange for seven of Quad's Canadian facilities).[68][69]

From 2010 to 2013, Quad engaged in a series of acquisitions and consolidations in response to shifting market conditions, including the slow decline of print, the rise of digital and mobile technologies, and the economic downturn created by the Great Recession in the late 2000s.[28][3] The company closed more than 50 printing plants and began building production studios and providing marketing services to longtime catalog clients like LL Bean and Cabela’s.[3] When asked about the company’s strategy during that time, Joel Quadracci told Adweek, “For us, it was we better become the consolidator, or the consolidating is going to be done to us.”[3]

Employees were offered a separation package that included severance pay, continuation of health care benefits, and career transition assistance.[70]

On January 16, 2013, Quad acquired Vertis Holdings, Inc., a printer of retail inserts, direct mail and in-store marketing materials.[71] In December 2013, the company acquired the packaging company Proteus.[72] In 2014, Quad acquired UniGraphic Inc., “one of the largest commercial printers in the Boston metro area.”[73]

In February 2015, Quad acquired Marin’s International, a French company operating in the point-of-sale display industry.[74] In July 2016, Quad announced a $12 million minority investment in Rise Interactive, a Chicago-based digital marketing agency.[28] In 2018, Quad acquired a majority interest in the company.[75] The majority interest investment was made soon after Quad’s acquisition of Ivie & Associates Inc., a marketing and advertising firm with North American headquarters in Flower Mound, Texas.[76][77]

In November 2018, the company acquired LSC Communications in an all-stock deal for $1.4 billion.[78] Shareholders of both companies approved the merger in February 2019.[79] However, in June 2019 the U.S. Department of Justice's antitrust division sued to block the acquisition.[79] A trial date was set that likely would not have resulted in a decision until 2020, a costly delay that caused both companies to call off of the deal.[79] Quad paid LSC a reverse termination fee of $45 million, as required by the merger agreement.[79][80] Since 2010 the company has closed 47 printing facilities in response to changing media and advertising trends.[81]

In November 2018, as part of its continued diversification, Quad agreed to purchase Minneapolis-based advertising firm Periscope, Inc., for $132 million, a deal which closed in January 2019.[82] At the time, Periscope employed over 500 people, providing services across creative advertising, packaging, production, and media buying.[82] In January 2020, Periscope CEO Elizabeth Ross left, and was replaced by an interim CEO from Quad;[83] in June 2020, Periscope announced Cari Bucci-Hulings would join Periscope as its new president, effective July 6, 2020.[84]

In 2020, citing a challenging retail environment exacerbated by the COVID-19 pandemic, Quad announced that it would cease print manufacturing operations at three production facilities (Fernley, Nevada; Oklahoma City, Oklahoma; and Nashville, Tennessee).[85] Slated for early 2021, the planned closures impacted approximately 650 workers.[85] On October 31, 2020, Quad also sold its two remaining book manufacturing facilities.[85] The divestiture was part of a previously announced decision to improve its product portfolio.[85]

Also in 2020, Quad acquired Apple Tree Group, a strategic and creative agency specializing in point-of-sale advertising.[86] Based in Mexico City, near Quad’s existing Mexico operations, Apple Tree is part of Quad’s in-store marketing group.[87]

In October 2023, Quad announced that it would cease operations at its Effingham, Illinois print manufacturing location by the end of the year, impacting 350 employees.[88] Quad attributed the decision to industry-wide volume declines due to ongoing economic uncertainty and increasing postage rates.[88] Work that was performed in the Effingham location was set to be consolidated into other Quad locations with enhanced direct mail capabilities.[88] For employees unable to relocate to other Quad facilities, the company offered separation pay, continuation of health care benefits, and career transition assistance.[88]

In February 2024, Quad acquired DART Innovation, an in-store digital media services provider.[89]

Controversies

[edit]

On July 1, 2020, at least five employees at Periscope walked out in protest against Quad, alleging "interference by its parent company in Periscope’s social media communications about the Black Lives Matter movement and staffer concerns that Quad was releasing deceptive data about its employee diversity."[90] The walk-out was led by a group strategy director at Periscope who, weeks earlier, had started a movement to address the "systemic racism that is afflicting our industry." On July 2, 2020, approximately 150 employees walked out, consisting of nearly the entire Periscope Minneapolis office.[91][92] After the walkout, Quad gave Periscope editorial independence over its social media posts and apologized for being “slow to communicate its commitment to ending systemic racism".[92]

Office locations

[edit]

Quad is headquartered in Sussex, Wisconsin.[3][4] The company has around 43 manufacturing and distribution facilities and over 70 client-based on-site locations around the world.[85] In December 2022, Quad opened an office in New York.[93] It included space for pop-up experiences for clients without physical stores in Manhattan, event space, and space for two of the company’s acquisitions, Periscope and Rise Interactive.[93]

References

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Quad (company)

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from Grokipedia
Quad/Graphics, Inc. (NYSE: QUAD), commonly known as Quad, is a global marketing experience company that delivers integrated solutions spanning strategy, creative development, production, and distribution for brands across print, digital, and multichannel platforms. Founded in 1971 by Harry V. Quadracci as a commercial printing firm in Wisconsin, Quad expanded through strategic acquisitions, evolving from traditional print services amid the industry's digital disruption into a comprehensive provider of media, data analytics, and logistics for clients including major retailers and automakers. With operations in North America, Europe, Latin America, and Asia, and annual revenues exceeding $3 billion, the company employs over 13,000 people and emphasizes innovation in sustainable practices and employee wellness programs like QuadMed, which has earned recognition as Best in KLAS for employer-sponsored healthcare. Quad has achieved prominence in agency rankings, placing 21st among U.S. agencies by Ad Age, while navigating challenges such as revenue declines from print sector contraction and legal disputes over employee benefits and merger antitrust reviews.

History

Founding and Early Expansion (1971–1980s)

Quad/Graphics was founded in 1971 by Harry V. Quadracci in a vacant facility in , initially operating an abandoned millwork factory as its first plant and headquarters. The venture was financed through a on Quadracci's home, investments from family and friends, and contributions from Milwaukee-area industrialists, enabling the purchase of a Baker-Perkins press with approximately $250,000 in equity and a $650,000 . Starting with a small team and one press, the company targeted commercial printing for catalogs and publications amid a competitive industry landscape. During the 1970s, Quad/Graphics achieved rapid initial growth despite economic challenges, securing early contracts with niche publications such as , Fishing Facts, and magazines focused on adult and drug culture topics. By 1972, it employed about 20 workers and generated $2.8 million in sales; the workforce expanded to over 100 by 1976 with three presses, reaching 300 employees and six presses by 1979. Key operational innovations included establishing the Duplainville Transport distribution subsidiary in 1973, adopting a three-day, 12-hour workweek and (ESOP) in 1974 to boost efficiency, opening sales offices in New York and in 1975, and implementing in-house platemaking in 1976. A pivotal 1977 contract with —with printing starting in 1978—provided national exposure and stability. The 1980s marked accelerated national expansion through plant development and diversification. Quad/Graphics expanded its Pewaukee facility in 1981, opened a new plant in , in 1982, and established subsidiaries for ink manufacturing (Chemical /), press control technology (Quad/Tech), and education (Quad/Education). Further infrastructure included acquiring a Lomira, facility in 1984 for gravure —installing its first such press in 1986—and opening a plant in 1985. The company also ventured into media by acquiring Milwaukee Magazine in 1983. By 1987, sales hit $226 million with 3,100 employees, driven by high-profile contracts like People magazine; growth culminated in 1989 with the acquisition of W.R. Bean & Son in , pushing sales over $375 million and employment beyond 4,500.

Growth in Publishing and National Contracts (1980s–2000s)

During the 1980s, Quad/Graphics experienced rapid expansion driven by investments in new facilities and securing high-volume contracts. In , the company opened a new plant in Sussex, , and established in-house ink manufacturing through Chemical Research/Technology and press control systems via Quad/Tech, enhancing operational efficiency for magazine production. By 1985, it had launched a facility in , with annual sales reaching $154 million. A pivotal achievement came in 1987 when Quad/Graphics secured the contract to print People , positioning it as the world's largest newsweekly printer, supported by 3,100 employees and $226 million in sales that year. In , the acquisition of W.R. Bean & Son in , bolstered its southern operations, pushing sales beyond $375 million and employee count to 4,500. The 1990s marked further acceleration in publishing scale and technological adoption, with Quad/Graphics printing 100 million magazines per month by 1993 and achieving $703 million in sales. Innovations included the establishment of the Quad/Photo division in 1990 for services and the industry's first direct-digital-to-plate run in 1994, alongside a new plant in The Rock, Georgia. Sales surpassed $1 billion in 1995, reflecting contracts with major publishers like , which prompted $50 million expansions at the Sussex and Saratoga Springs facilities in 1997. By 1996, the company operated 70 presses across eight locations, added book binding capabilities, employed 9,500 workers, and maintained sales over $1 billion, with international forays including the 1996 acquisition of Anselmo L. Morvillo S.A. in . These developments solidified its role in national magazine production, including ongoing work for and Time titles. Entering the 2000s, Quad/Graphics pursued aggressive capacity buildup tied to landmark national contracts. In 2000, it won the contract to print National Geographic, committing to 9 million copies monthly and triggering a $600 million, two-year expansion program across facilities to handle the volume. This built on prior Time Inc. relationships, which by the mid-2000s included multi-year renewals valued at over $1 billion for titles like Time, Sports Illustrated, and People, further entrenching Quad/Graphics as a dominant printer for leading U.S. publishers such as Condé Nast, Hearst Magazines, and Meredith Corporation. Through these decades, strategic plant investments and client wins drove consistent revenue growth from regional to national prominence in commercial web offset printing.

Public Listing and Diversification into Marketing (2000s–2010s)

Quad/Graphics completed its initial public offering on July 6, 2010, listing on the New York Stock Exchange under the ticker symbol QUAD. The IPO raised capital to support expansion amid industry consolidation and the shift from traditional print media. Shortly thereafter, on July 2, 2010, the company acquired Worldcolor Press Inc. for approximately $1.4 billion in a stock-and-cash deal, significantly expanding its North American commercial printing footprint and introducing capabilities in retail inserts and direct mail services. This acquisition, valued at the time as enhancing scale with combined annual revenues exceeding $4 billion, marked an early step toward integrating print with emerging marketing solutions to offset declining catalog and publication volumes. Facing persistent print industry contraction due to disruption, Quad/Graphics pursued diversification into services through targeted acquisitions in the early . In November 2010, it acquired HGI Company, a commercial and specialty printer with expertise in point-of-purchase displays and , bolstering in-store offerings. The strategy emphasized , combining production efficiency with client-facing services like data-driven . By 2013, annual sales had grown to $4.8 billion from under $2 billion in 2009, driven by these expansions into non-publication segments. A pivotal move occurred on January 16, 2013, when Quad/Graphics acquired substantially all assets of Vertis Holdings Corp. out of for $258.5 million, including its direct marketing, retail circulars, and in-store merchandising businesses. Vertis's capabilities in and complemented Quad's print operations, enabling end-to-end solutions for retailers and brands amid falling magazine and catalog demand. This deal, approved after Vertis's 2012 filing, added specialized facilities and client relationships, contributing to a 15% net sales increase in the following year. Further consolidations reinforced marketing diversification, including the $100 million acquisition of Brown Printing Company in 2014, which enhanced specialty publication and retail services, and the $260 million purchase of Courier Corporation in 2015, incorporating book manufacturing with digital workflow tools. These efforts transformed Quad from a print-focused entity into a provider of integrated marketing platforms, with non-print revenues rising as print volumes stabilized through efficiency gains and plant optimizations. By the mid-2010s, the company's strategic framework prioritized "strengthening the core print business while expanding into adjacent marketing experiences," reflecting adaptation to client demands for multichannel campaigns.

Rebranding and Recent Strategic Shifts (2020s)

In the early , Quad advanced its post-2019 by executing divestitures to optimize its portfolio and enhance financial flexibility amid declining print volumes and the . On October 31, 2020, the company completed the sale of its two remaining manufacturing facilities in Fairfield, , and , to Berryville Graphics, a division of Printing Group , marking the full exit from its business that generated approximately $200 million in annual . Proceeds from this and earlier transactions, including the sale of a facility and an Omaha packaging plant earlier in 2020, were directed toward debt reduction as part of the Quad 3.0 strategy. In early , Quad closed three commercial printing plants in , , and , citing persistent retail insert volume declines in a challenging market. These actions supported a pivot toward data-driven marketing solutions, with Quad emphasizing multichannel capabilities, audience intelligence, and AI-enabled tools to offset print revenue erosion. By 2025, the company reported ongoing investments in these areas, contributing to stabilized profits despite a 10% net sales decline to $572 million in Q2, while projecting $40-60 million in free cash flow for the year. Quad's Rise media agency saw leadership enhancements in August 2025 with the appointment of industry veterans Kristin Jones and Evan Hughes as senior vice presidents to refine client go-to-market strategies using proprietary data stacks. Mid-decade expansions diversified Quad into promotional and branded solutions, leveraging its production expertise for personalized merchandise and growth. In March 2025, Quad entered the branded solutions market, offering end-to-end services for promotional goods aligned with brand strategies, utilizing third-party and technologies to avoid overextension. This built on partnerships like the August 2025 collaboration with Scandinavian Designs to expand via targeted data-driven market identification. Financially, Quad sustained shareholder returns with a $0.075 per share quarterly declared for 2025, backed by a payout ratio of 10.50% despite earnings pressures.

Products and Services

Core Printing and Production Capabilities

Quad's core printing capabilities center on commercial and specialty services, encompassing , magazines, catalogs, directories, retail inserts, and packaging production. These services leverage decades of refined techniques to deliver high-quality output integrated with and paper sourcing for end-to-end efficiency. The company employs a combination of offset, flexographic, and technologies, enabling production across diverse substrates and formats, including folding cartons and point-of-purchase displays. This multi-technology approach supports efficient short-run as well as large-scale , with processes optimized for cost-effectiveness and through proprietary programs like GlobalPassport™ for . A key advancement is the 2022 installation of the Landa S10P Nanographic , which operates at speeds of 6,500 sheets per hour in B1 (41-inch) format, facilitating double-sided for in-store and promotional materials. This press achieves superior image sharpness, richer colors with 96% coverage, and data-driven personalization at the individual unit level, reducing cycle times for targeted campaigns. Quad's production infrastructure incorporates advanced for and integration, handling substantial volumes such as 250 million pounds of annually across its operations. This scale supports customized consumer-facing products like catalogs and direct mail while adapting to demand fluctuations through modular press configurations.

Marketing and Media Solutions

Quad's media and solutions form a core component of its experience (MX) offerings, integrating media strategies across digital, programmatic, and traditional channels to enable data-driven campaign and transparency. These services support brands in building audience connections from household targeting through to in-store and online engagements, leveraging Quad's production-scale capabilities for hybrid agency-of-record (AOR) models or tactical executions. Central to these solutions is Rise, Quad's full-service , which delivers strategic media planning, placement, and optimization backed by proprietary household data and performance analytics. Acquired and rebranded from Rise Interactive, the agency serves clients in consumer packaged goods, retail, , , and sectors, emphasizing measurable outcomes such as revenue growth and cost efficiency. For instance, Rise's work with increased job volume via targeted search campaigns while lowering cost per job, directly tying media investments to business results. Quad's media portfolio also encompasses content and creator , featuring consumer testing, tailored studies, and partnership activations, alongside CRM tools for audience data orchestration across offline and online touchpoints. These elements integrate with Quad's , creative, production, and suites to reduce friction and enhance personalization at scale.

Creative and Agency Services

Quad's creative services encompass an end-to-end production process designed to generate high-volume, high-quality content tailored to client objectives, including strategy development, asset creation, and optimization for . Through its MX: Creative platform, the company leverages automated workflows and advanced tools to produce scalable creative outputs, such as relightable 3D models via Covision technology, which enables photorealistic rendering without traditional . This approach supports rapid iteration and deployment across digital, print, and retail channels, with Quad annually generating over 200,000 images, audio files, and videos. The company's agency operations include specialized units like , focused on creative branding and , and Rise, a full-service handling planning, execution, and measurement. These agencies integrate data-driven insights with production capabilities to manage campaigns from ideation to performance tracking, emphasizing efficiency in and audience targeting. Quad's content studio further facilitates custom production models, combining human creativity with AI-enhanced tools for tasks like asset development and at scale. Quad's agency rankings underscore its competitive standing, with Ad Age placing it among the top 25 global agency companies in 2021 based on net sales from catalogs, direct mail, and related services, and maintaining top-20 status in subsequent years for its through-the-line offerings. This recognition highlights the firm's ability to blend traditional agency functions with proprietary technology, enabling clients in sectors like retail and to execute integrated campaigns that prioritize measurable outcomes over siloed creative efforts.

Operations

Manufacturing Facilities and Technology Infrastructure

Quad operates manufacturing facilities primarily in the United States and select Latin American countries, with its global headquarters located at N61 W23044 Harry's Way in Sussex, Wisconsin. The company maintains over 30 manufacturing and distribution facilities worldwide across 11 countries, enabling 24/7 production support for print and packaging operations. Key U.S. production sites include those in Burlington and Hartford, Wisconsin; Chalfont, Pennsylvania; East Longmeadow, Massachusetts; Franklin, Wisconsin; Lomira, Wisconsin; Lufkin, Texas; Martinsburg, West Virginia; Pewaukee, Wisconsin; Riverside, California; Spartanburg, South Carolina; Sussex, Wisconsin; Tampa, Florida; The Rock, Georgia; West Allis, Wisconsin; Westampton, New Jersey (two facilities); and Winchester, Virginia. International facilities are situated in Bogotá, Colombia; Lima, Peru; Santo Domingo Este, Dominican Republic; and Toluca and Xochimilco, Mexico. Recent strategic adjustments have involved facility divestitures and closures to streamline operations amid declining volumes in certain segments, such as book manufacturing and retail inserts. In 2023, Quad sold its book production platforms, including sites in , and (retained for other uses), as well as the facility. Earlier closures in 2021 affected plants in ; ; and other locations due to market challenges, with those sites subsequently sold. In April 2025, the facility announced closure effective May 16, impacting 72 employees. In October 2024, Quad agreed to sell the majority of its European operations to Capmont , further concentrating resources on North and Latin American infrastructure. Quad's technology supports diverse print formats through a combination of offset, digital, and flexographic capabilities, integrated with data analytics for optimized production. The company employs large- and small-format offset presses for high-volume runs, alongside high-speed digital platforms for and shorter runs, including what it describes as the industry's fastest digital presses for in-store materials. Flexographic and offset technologies are utilized in production, accommodating a wide range of substrates with efficient, scalable processes. This hybrid approach, bolstered by standardized systems across facilities, facilitates direct mail, magazines, catalogs, retail inserts, and specialty , with ongoing investments in digital migration dating back to at least 2016 for East Coast "supercenters." Recent enhancements include AI-driven tools via collaboration with Google Cloud, launched in September 2024, to personalize content production at scale, though primarily augmenting rather than core print hardware. Overall, the emphasizes efficiency and integration with media, supported by for just-in-time delivery.

Supply Chain and Logistics

Quad manages its supply chain through integrated processes for , inks, materials, and other inputs essential to printing and production operations, utilizing enterprise systems such as for resource planning and Ariba for supplier onboarding and transactions. Suppliers must comply with Quad's , which mandates adherence to environmental regulations, standards, and progressive reductions in resource consumption and generation, with non-compliance leading to contract suspension. The company emphasizes techniques to minimize while maintaining output quality. In its packaging division, Quad employs the GlobalPassport™ program to coordinate global supply chains, leveraging international assets for , , and distribution to ensure product and expand market reach without compromising consistency. This initiative supports end-to-end for solutions, integrating production with worldwide fulfillment. Quad's operations include in-house trucking via Duplainville Transport and Quad Transportation Services, focused on domestic freight for printed materials and retail inserts. On June 30, 2021, Quad sold its QuadExpress (3PL) business to Mullen Group Ltd. for $40 million, a move aimed at streamlining its portfolio toward marketing solutions and debt reduction while retaining QuadExpress as a preferred broker for ongoing needs. The company supports distribution through 38 and distribution facilities across multiple countries as of December 31, 2024, enabling efficient handling of high-volume print runs and co-mailing services. To bolster co-mail , Quad acquired the co-mailing assets of LSC Communications-MCL (operating as Enru) on , 2025, integrating advanced sorting and postal optimization capabilities into its network. Quad's policies prohibit and , as outlined in its Supplier and enforced through an ethics hotline for reporting violations, though the company conducts no formal supplier audits or certifications for such risks and provides no specialized training beyond general compliance sessions. This disclosure complies with the California Transparency in Supply Chains Act of 2010.

Workforce Management and Employment Practices

Quad maintains a global workforce of approximately 11,000 employees as of 2024, primarily engaged in , , and related operations across facilities in , , and . The company emphasizes comprehensive benefits packages, including , retirement plans, and programs, aimed at supporting work-life balance and skill enhancement. Quad operates as an employer, with policies prohibiting based on protected characteristics such as race, , or , in compliance with applicable laws. Union representation exists at select U.S. facilities, often involving the Graphic Communications Conference/, as evidenced by agreements and proceedings. However, several sites have undergone union decertification votes, leading to withdrawals from multiemployer plans; for instance, a 2010 decertification at a facility prompted Quad's exit from the GCIU-Employer Retirement Fund, upheld by federal courts. These events reflect varying degrees of organized labor presence amid broader workforce reductions tied to industry shifts. Quad promotes through Business Resource Groups that foster , education, and awareness of cultural differences among employees. Leadership, including CEO Joel Quadracci, has committed to intercultural competence training and accountability metrics for DEI progress, even amid external backlash against such programs. Employee feedback from platforms like and averages around 3.0-3.3 out of 5, citing concerns over management practices, pay, and advancement opportunities alongside positives in team dynamics. Workplace practices have faced legal challenges, including a 2023 class-action alleging that Quad's wellness program violates the Americans with Disabilities Act by imposing penalties on employees declining biometric screenings, which plaintiffs argue renders participation involuntary. Earlier disputes include a 2020 claiming failures in providing meal breaks and reimbursing required safety gear like steel-toed boots. A 2004 federal appeals court ruling addressed a claim by an employee with AIDS, finding insufficient evidence of racial or disability bias in his termination during a reduction in force. These cases highlight ongoing scrutiny of compliance with labor and standards.

Corporate Governance and Leadership

Key Executives and Board Structure

Quad's board of directors comprises nine members, with J. Joel Quadracci serving as Chairman, who also holds the positions of President and Chief Executive Officer. The board includes independent directors such as Douglas P. Buth, a retired Chairman and CEO of Appvion, Inc.; Beth-Ann Eason, former Managing Director at Accenture Interactive and Global President at Innovid; John C. Fowler, retired Vice Chairman and EVP of Global Strategy and Corporate Development at Quad; Stephen M. Fuller, former SVP and CMO at L.L. Bean; Christopher B. Harned, Co-Founder and Managing Partner at Windhover Capital; Melanie Huet, Co-CEO of Home and Commercial at Newell Brands; Kathryn Quadracci Flores, M.D., CEO of QuadMed and President and Director of the Windhover Foundation; and Jay O. Rothman, President of the Universities of Wisconsin. Directors are elected annually for one-year terms, with six classified as independent under NYSE standards, reflecting Quad's status as a controlled company exempt from certain nominating committee requirements. The board oversees key functions through standing committees, including the , which addresses financial reporting, internal controls, and cybersecurity, comprising Douglas P. Buth, Stephen M. Fuller, and Melanie Huet; the Committee, focused on and financing, including Christopher B. Harned, Douglas P. Buth, and Kathryn Quadracci Flores; and the Compensation Committee, which reviews executive pay and incentive structures. These committees report directly to the full board to support strategic oversight and risk management. Key executives form the senior leadership team, led by J. Joel Quadracci as Chairman, President, and CEO since 2010, guiding overall strategy in a family-led tradition. Dave Honan serves as Executive Vice President and Chief Operating Officer, overseeing operations; Tony Staniak as Chief Financial Officer, managing financial strategy; Julie Currie as EVP and Chief Revenue Officer; Josh Golden as Chief Marketing Officer; Tim Maleeny as Chief Client Strategy and Integration Officer and President of Quad Agency Solutions, appointed in late 2024; Don McKenna as EVP and Chief Administrative Officer; Steve Jaeger as Chief Information Officer; Rob Quadracci as Chief Human Resources Officer; Dana Gruen as General Counsel, Corporate Secretary, and Chief Risk and Compliance Officer; Kelly Vanderboom as EVP and Treasurer and Head of QAS Operations; and Anne Bauer as VP and Chief Accounting Officer. This structure emphasizes integrated marketing, operations, and financial discipline amid Quad's evolution from printing to comprehensive marketing solutions.

Ownership and Shareholder Relations

Quad/Graphics, Inc. (NYSE: QUAD) operates as a publicly traded with a dispersed ownership base that includes significant insider control via a voting trust. As of September 2025, institutional investors collectively hold approximately 48% of outstanding shares, reflecting substantial interest from funds seeking exposure to services. The largest single shareholder is the Quad/Graphics, Inc. Voting Trust, which controls 24.3% of shares and is tied to the Quadracci family, founders and key executives including Chairman, President, and CEO J. Joel Quadracci; this trust consolidates voting power among family members. Insiders overall own about 20.19% of equity, with retail and holders accounting for the remainder at roughly 38.65%. Among institutional holders, Miller Value Partners, LLC ranks as the second-largest with a notable stake, followed by , Inc. (approximately 4.2% as of June 2025), , Inc. (3.54%), and others including LSV and . These top 25 shareholders control over 74% of the company, indicating concentrated influence despite broad institutional participation. No significant activist campaigns have targeted Quad in recent years, with dynamics appearing stable absent public challenges to or . Shareholder relations are managed through Quad's investor relations team, which facilitates communication via SEC filings, quarterly earnings calls, and a dedicated website section for events, presentations, and FAQs. The company supports shareholder value via regular s; for instance, on October 21, 2025, Quad declared a quarterly of $0.075 per share, payable December 5, 2025, to holders of record as of November 17, 2025, continuing a policy initiated post-restructuring to distribute cash flows amid operational improvements. Registered shareholders can contact the transfer agent for account inquiries, while broader engagement occurs through email at [email protected]. This structure prioritizes transparency on financial health and governance without reported disputes over proxy access or board composition.

Financial Performance

Historical Revenue and Profitability

Quad/Graphics, Inc., rebranded as Quad in 2021, experienced rapid expansion following its 2010 , which involved a merger with Worldcolor Press. increased from $3.186 billion in 2010 to a peak of $4.796 billion in 2013, fueled by acquisitions such as Vertis Communications and expansions into marketing services amid consolidating the fragmented printing industry. This growth reflected synergies from integrating acquired facilities and client bases, though it also elevated debt levels. Post-2013, contracted progressively to $2.672 billion by , attributable to secular declines in commercial print volumes, divestitures of underperforming assets like certain European operations, and a strategic pivot toward higher-margin digital and data-driven solutions. Key inflection points included a 2016 restructuring that closed facilities and reduced capacity, contributing to revenue stabilization around $3 billion in the early before further softening due to client shifts away from print catalogs and periodicals.
YearRevenue ($ millions)
20103,186
20114,325
20124,094
20134,796
20144,778
20154,597
20164,330
20173,951
20183,986
20193,923
20202,930
20212,960
20223,217
20232,958
20242,672
Profitability has been inconsistent, with net income attributable to common stockholders swinging from gains to losses amid high interest expenses, goodwill impairments from acquisitions, and restructuring costs. The company achieved net profits of $37.8 million in 2021 and $9.3 million in 2022, supported by cost reductions and service mix improvements, but recorded losses of $55.4 million in 2023 and $50.9 million in 2024 due to lower volumes, inflation in paper costs, and non-cash charges. Earlier post-IPO years featured profits, but leverage from $1.8 billion in acquisition debt by 2013 often eroded margins, with EBITDA providing a more stable measure of core operations at around $200-500 million annually despite net volatility. Quad's net sales increased modestly from $2.93 billion in 2020 to $2.96 billion in 2021 and reached a peak of $3.22 billion in , reflecting post-pandemic recovery in demand for commercial printing and marketing products. Sales then declined to $2.96 billion in 2023 and $2.67 billion in 2024, driven by softening commercial print volumes amid secular industry shifts toward digital alternatives, partially offset by growth in agency solutions and targeted marketing services.
YearNet Sales ($B)Adjusted EBITDA ($M)
20202.93260
20212.96261
3.22252
20232.96234
2.67224
Adjusted EBITDA followed a similar trajectory, starting at $260 million in 2020, rising slightly to $261 million in 2021, before declining to $252 million in , $234 million in 2023, and $224 million in , with margins stabilizing around 7.8-8.4% despite revenue pressures due to cost controls and operational efficiencies. The company attributed EBITDA declines to lower print volumes and divestitures, including $153 million in annual sales from exited European operations, while highlighting margin improvements from and a pivot toward higher-margin data-driven . In 2025, Quad reported second-quarter net sales of $572 million, a 10% decrease from the prior year, primarily from print segment weakness, though agency and integrated marketing showed resilience. Full-year guidance projects a 2-6% organic sales decline excluding divestitures and adjusted EBITDA of $180-220 million, reflecting ongoing print contraction but anticipated growth in personalized, solutions amid broader marketing trends favoring hybrid print-digital strategies. This period underscores Quad's strategic emphasis on diversification beyond traditional , with investments in enabling analytics and customized consumer engagement to mitigate industry headwinds.

Debt, Investments, and Capital Structure

As of December 31, 2024, Quad reported net of $350 million, reflecting a reduction of $684 million or 66% over the prior five years, with a net leverage of 1.6x adjusted EBITDA. By June 30, 2025, net increased seasonally to $448 million, up from $350 million at year-end 2024 but down $84 million year-over-year when adjusted for seasonality, yielding a leverage of 2.13x. Gross stood at approximately $454.9 million at that date, with long-term comprising 39% of total assets. Quad anticipates improving its year-end 2025 leverage to around 1.5x through ongoing reduction efforts, supported by projected of $40–60 million. The company maintains hedges on $200 million of variable-rate to mitigate exposure, converting portions to fixed rates. Quad's capital structure emphasizes a mix of senior secured debt and equity, with institutional investors holding about 48% of shares as of September 2025, signaling confidence in its transformation strategy. Key facilities include a revolving credit agreement amended in 2024 to $324.6 million, alongside senior notes, providing total liquidity of around $196 million under restrictive covenants. S&P Global Ratings upgraded Quad's issuer rating to BB- with a stable outlook in December 2024, citing deleveraging progress and operational improvements, though Fitch withdrew ratings in June 2025 amid prioritized shareholder returns over aggressive debt paydown. Equity supports the structure through ongoing share repurchases and dividends, with $15 million returned to shareholders in Q2 2025 alone. Investments focus on scaling data-driven capabilities and operational efficiency, funded via after priorities. Quad employs a disciplined return-on-capital framework for strategic outlays, such as platform enhancements for , which it views as yielding superior long-term returns amid print declines. Capital allocation balances these growth initiatives—targeting EBITDA expansion—with and returns, avoiding over-reliance on external financing given low net levels relative to enterprise value. This approach has enabled investments in technology infrastructure despite negative sales trends, positioning Quad for potential acquisitions or expansions in high-margin services.

Acquisitions, Mergers, and Divestitures

Major Acquisitions

In 2010, Quad/Graphics completed two significant acquisitions that bolstered its position as a leading commercial printer. The acquisition of World Color Press, finalized on July 2, 2010, was valued at approximately $1.4 billion and involved a share exchange where each World Color share converted to 0.2154 Quad class A common shares. This deal expanded Quad's capabilities in offset and , added facilities across and international markets, and created a combined entity with annual revenues exceeding $4 billion, positioning it as the second-largest commercial printer in . Later that year, on November 30, 2010, Quad acquired Brown Printing Company for a net purchase price of $100 million. Brown, a Minnesota-based printer specializing in catalogs, magazines, and retail inserts, brought advanced gravure printing technology and long-term client relationships, enhancing Quad's product diversification and operational efficiencies in the publication sector. In May 2014, Quad further strengthened its portfolio by acquiring Brown Printing Co. (distinct from the 2010 transaction, focusing on remaining assets) for $100 million in cash and debt financing. This purchase added approximately $350 million in annual revenue from high-volume and catalog production, integrating facilities in and supporting Quad's strategy to consolidate fragmented printing markets amid declining print volumes. These acquisitions collectively drove synergies estimated at hundreds of millions in cost savings through shared and scale.

Blocked Deals and Regulatory Challenges

In May 2018, Quad/Graphics announced an all-stock agreement to acquire for approximately $1.4 billion, aiming to combine their printing operations for books, catalogs, retail inserts, and magazines. The deal faced immediate antitrust scrutiny from the U.S. Department of Justice (DOJ), which filed a civil on June 20, 2019, in the U.S. District Court for the Northern District of to block the merger. The DOJ contended that the transaction would eliminate head-to-head competition between the two largest U.S. printers in these markets, where Quad and LSC together controlled over 50% of catalog printing, over 30% of book printing, and significant shares of magazine and retail insert production, potentially leading to higher prices and reduced service quality for publishers. Quad and LSC defended the merger, arguing it would generate cost synergies exceeding $140 million annually through plant rationalization and operational efficiencies, without substantially lessening competition, as evidenced by ongoing price pressures and excess capacity in the industry. The companies sought expedited review, but on July 15, 2019, U.S. District Judge John Robert Blakey denied their motion for a preliminary hearing, citing insufficient evidence of irreparable harm and noting the DOJ's case under the Clayton Act. Facing prolonged litigation costs estimated in the tens of millions and uncertainty over trial outcomes, Quad and LSC mutually terminated the agreement on July 23, 2019, with Quad paying LSC a $28 million termination fee. The aborted merger highlighted regulatory concerns over consolidation in the declining commercial printing sector, where antitrust enforcers prioritized preserving amid falling demand from digital shifts, despite Quad's claims of necessary scale for survival. No other Quad acquisitions have been formally blocked by regulators, though the LSC case underscored heightened DOJ scrutiny of horizontal mergers in concentrated industries post-2010s print media disruptions. Subsequent Quad deals, such as divestitures and smaller integrations, proceeded without similar challenges, reflecting a strategic pivot toward marketing services diversification.

Divestitures and Restructuring

Quad has pursued a series of divestitures to exit non-core operations, reduce debt, and refocus on its primary solutions and in . In November 2020, the company completed the sale of its remaining book manufacturing facilities in Fairfield, , and , to Berryville Graphics, a division of Logistics Services, as part of winding down its book platform amid declining demand for print books. In June 2021, Quad divested its QuadExpress third-party logistics (3PL) business, acquired as part of the 2010 Worldcolor deal, to Canada's Mullen Group Ltd. for $40 million on a cash-free, debt-free basis; the proceeds were applied to debt reduction and leverage improvement. The most significant recent divestiture occurred in March 2025, when Quad completed the €41 million (approximately $45 million) sale—announced October 22, 2024—of the majority of its European operations to , encompassing print and ink facilities in , the , and other sites, along with associated employees. This transaction, advised by , enabled debt repayment and investments in U.S.-centric marketing capabilities, while excluding certain retained assets. Complementing these sales, Quad's restructuring initiatives since 2014 have involved facility optimizations, including closures like the 1 million-square-foot Saratoga Springs, New York, plant in 2024 (subsequently sold) and the West Allis, Wisconsin, facility in 2021 for $33 million, alongside ongoing plant rationalizations to counter print industry contraction. These efforts have incurred average annual restructuring, impairment, and transaction-related charges of approximately $80 million from 2014 to 2024, covering employee severance, facility exit costs, and asset write-downs. In the second quarter of 2025 alone, such charges totaled $9.2 million, down from $10.1 million the prior year, reflecting lower facility-related expenses post-divestitures. Debt management has been central to , with Quad amending its 2014 credit agreement in October 2024 to extend maturities to October 2029 and achieving a net reduction of over $670 million (65%) from January 2020 levels by year-end 2024 through divestiture proceeds and operational cash flows. These measures have supported a shift toward higher-margin digital and data-driven services amid persistent revenue pressures from secular print declines.

Foreign Bribery and Compliance Violations

In September 2019, the U.S. Securities and Exchange Commission (SEC) charged Quad/Graphics, Inc. (now operating as Quad) with violations of the , including anti-bribery, books and records, and internal accounting controls provisions under the Securities Exchange Act of 1934. The violations stemmed from conduct by subsidiaries in and between approximately 2010 and 2016, during which Quad failed to implement adequate anti-corruption policies, procedures, or on third-party agents, despite operating in high-risk markets. In , employees of Quad's subsidiary, Quad/Graphics Peru S.A., engaged in a scheme from 2011 to 2015 to officials at the state-owned Editura Peruana S.A. (Editura) to secure printing contracts worth over $1.7 million in . Bribes, totaling around $65,000, were paid through falsified invoices to third-party vendors and disguised as legitimate business expenses. Additionally, to avoid approximately $40,000 in contractual penalties from Editura, subsidiary employees made improper payments of about $20,000 via sham consulting agreements. In a separate incident, Quad Peru attempted to influence a judicial proceeding by funneling roughly $210,000 through a local to a sitting judge handling a commercial dispute, though the scheme failed when the judge rejected the payment. In , employees of Quad/Tech (a ) paid bribes totaling approximately $59,000 to officials at state-owned enterprises between 2010 and 2015 to obtain contracts for and , generating about $84,000 in revenue. These payments were routed through intermediaries and recorded inaccurately in Quad's books as legitimate costs. The SEC found that Quad's overall compliance deficiencies, such as lacking risk-based on agents and insufficient training, enabled these schemes. Quad self-disclosed the misconduct to U.S. authorities upon discovery, cooperated fully in the investigation, and remediated by enhancing its compliance program, including improved third-party oversight and internal controls. The U.S. Department of Justice (DOJ) declined to prosecute, citing Quad's voluntary disclosure, cooperation, and remedial actions as outweighing aggravating factors like the 's pervasiveness. The SEC settlement required Quad to pay $9.9 million, comprising a $2 million , $7.76 million in , and $117,000 in prejudgment interest, without admitting or denying the findings. Separately, the SEC noted a sanctions violation involving undisclosed services for Cuban clients from to 2013, but this was resolved within the same enforcement action. No further foreign bribery violations have been publicly reported since the settlement.

Securities Litigation and Investor Claims

In November 2019, a putative securities lawsuit, Born v. Quad/Graphics Inc., was filed in the U.S. District Court for the Southern District of New York against Quad/Graphics, Inc. (NYSE: QUAD), its CEO Joel Quadracci, and CFO , alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint claimed that defendants made materially false and misleading statements about the company's integration of acquisitions, practices, and overall business performance, artificially inflating the stock price, and sought damages on behalf of investors who purchased QUAD shares between February 21, 2018, and October 29, 2019. On February 25, 2021, the court granted the defendants' motion to dismiss the amended complaint with prejudice, ruling that the plaintiffs failed to adequately plead , materiality, or loss causation as required under the Private Securities Litigation Reform Act, and describing the allegations as an attempt to "manufacture a case out of a stock drop" following disappointing earnings. No further amendments were permitted, and the case concluded without any settlement or admission of liability by Quad. No other significant securities litigation or unresolved investor claims against Quad have been reported as of October 2025.

Labor and Employment Disputes

In 2020, current and former non-exempt employees filed a lawsuit against Quad/Graphics, Inc. and its subsidiary QG Printing II, LLC in federal court, alleging violations of state labor laws including denial of meal and rest breaks, failure to pay and minimum , inaccurate pay stubs, untimely payments, and insufficient reimbursement for business expenses such as steel-toed boots. A federal judge allowed the case to proceed as a in November 2020, rejecting Quad's motion to dismiss or compel . In February 2023, employees filed Diment v. Quad/Graphics, Inc. in the U.S. District Court for the Northern District of , challenging Quad's wellness program under the Americans with Disabilities Act (ADA). The suit alleged that a $100 annual premium discount conditioned on completing a biometric screening constituted an involuntary medical examination and coerced disclosure of , affecting participants in Quad's medical plan administered through Rise Interactive Media & Analytics, LLC. In June 2024, the court denied Quad's motion to dismiss, finding the plaintiffs adequately alleged the examinations were not voluntary and that the incentive exceeded de minimis value under EEOC guidelines. Quad/Graphics employees initiated a lawsuit over the company's 401(k) retirement plan, claiming fiduciaries breached duties under the Employee Retirement Income Security Act (ERISA) by retaining high-fee, underperforming investment options. In October 2025, a federal court granted preliminary approval to a $850,000 settlement addressing these claims related to plan investment selections and fee levels. In a multiemployer dispute, the GCIU-Employer Retirement Fund sued Quad/Graphics under the Multiemployer Plan Amendments Act after Quad withdrew from the plan following employee decertification of their union bargaining representative. The Ninth Circuit of Appeals affirmed a district judgment against Quad in December 2018, holding the company liable for withdrawal liability despite the union's decertification, as the withdrawal occurred amid ongoing obligations. The has handled charges against Quad/Graphics Marketing, LLC, including allegations in case 04-CA-259329 filed in recent years, though specific outcomes remain pending or unresolved in public records. Additionally, Quad's subsidiary World Color USA Corp. challenged an NLRB ruling in federal court over alleged unfair practices during union organizing efforts.

Antitrust and Competitive Actions

The U.S. Department of Justice Antitrust Division's 2019 complaint against Quad's proposed acquisition of highlighted significant competitive concerns in niche markets, alleging that Quad and LSC were two of only three primary competitors for catalog and retail insert services, with the combined entity controlling over 70% in certain segments. This would eliminate direct rivalry, enabling higher prices, reduced service quality, and diminished innovation incentives for publishers and retailers, according to the DOJ, which defined markets narrowly based on customer overlap, production capabilities, and geographic scope. Quad countered that such definitions overstated harm, emphasizing a broader commercial market where both firms held under 5% share collectively, arguing the DOJ ignored digital alternatives and industry fragmentation. No antitrust enforcement actions have targeted Quad for non-merger conduct, such as alleged Sherman Act violations involving price-fixing, , or exclusionary practices, through 2025. Quad's operations, while dominant in specific legacy print segments amid digital shifts, have not drawn FTC or DOJ probes into unilateral anticompetitive behavior, reflecting the agency's focus on horizontal mergers over vertical or conglomerate theories in maturing industries. Industry observers note Quad's aggressive cost-cutting and as pro-competitive efficiencies rather than predatory, though critics of narrow market definitions question whether such strategies mask consolidation risks.

Global Presence

Headquarters and Domestic Operations

Quad maintains its global headquarters at N61 W23044 Harry's Way, Sussex, 53089, serving as the central hub for executive leadership, strategic , and corporate functions. The facility supports the company's core operations in services, including , analytics, and production oversight. Domestic operations in the United States center on a network of production facilities and offices, emphasizing , , and execution for clients across retail, , and sectors. As of recent , Quad operates multiple sites concentrated in —such as Burlington, Franklin, Hartford, Lomira, Pewaukee, , and West Allis—which handle high-volume , direct mail, and in-store materials. Additional plants span states including (Chalfont), (East Longmeadow), (Lufkin), (Martinsburg), (Riverside), (Spartanburg), (Tampa), Georgia (The Rock), (Westampton, two sites), and (Winchester), enabling regional distribution and customized production. To optimize efficiency amid declining print volumes, Quad has pursued facility consolidations, closing plants like the one in , on May 16, 2025, and transferring output to Lomira, , and . Similar shifts occurred with of shuttered sites, such as , redirecting work to Southeast facilities. Client-facing offices in Chicago, Illinois; ; ; , ; Minneapolis, Minnesota; ; and New York, New York, facilitate , creative services, and campaign management. These U.S. operations employ a substantial portion of Quad's , with approximately 15,300 full-time equivalent employees in (including limited sites in and the ) as of December 31, 2022, reflecting heavy reliance on domestic manufacturing capacity.

International Facilities and Markets

Quad maintains a network of production facilities and offices primarily in and select locations, following the divestiture of its European operations in March 2025. The company provides solutions across regions including , , the Caribbean, South America, the , , and , leveraging these assets for , , and creative services tailored to local markets. In , Quad operates production plants in (Bogotá), (Lima), and the (Santo Domingo Este), alongside facilities in such as production sites in and , supporting integrated print solutions for regional publishers and marketers. These operations focus on long-run commercial printing and distribution, contributing to Quad's global manufacturing footprint of approximately 40 locations, though the majority remain in post-European sale. Asia-Pacific presence includes offices in (Betty Delhi in ) and (Betty Hong Kong in ), emphasizing creative and media services rather than large-scale . The sale of European assets, which included printing plants in countries like and the , for €41 million (approximately $42 million) to Capmont , streamlined Quad's international focus toward higher-growth markets in the and selective Asian outposts, reducing exposure to underperforming segments.
CountryFacility TypeLocation
MexicoOffice (Rise)
MexicoProduction;
ColombiaProduction
PeruProduction
Dominican RepublicProduction
IndiaOffice (Betty)
Hong KongOffice (Betty)

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