Sussex-based Quad/Graphics Inc., the nation's third-largest commercial printer, today announced it will cut 550 jobs across five states and reduce its production capacity to match the decline in demand for printed products in the recession.
The company will eliminate 5.6 percent of its domestic workforce.
"The majority of job reductions are in Wisconsin where we have our largest base of operation with five plants and 66 percent of our total employees. Approximately 400 jobs will be eliminated across all five of our Wisconsin plants," said Quad/Graphics spokeswoman Claire Ho.
"This is a strategic move, made from a position of financial and industry strength," said Joel Quadracci, Quad/Graphics president and chief executive officer. "Quad/Graphics continues to have industryleading profit margins, and because we have maintained our investment grade credit quality, we have plenty of access to capital markets that will ensure our strong position within the industry for a long time."
Quadracci said the printing industry, like every industry, is facing unprecedented challenges.
"From consumer spending to housing and everywhere in-between, the world needs to go
through a capacity reset. There is simply too much of everything chasing too little demand," he said. "The printing industry is no different. There needs to be an industry-wide reduction in capacity. While I had hoped to see some better indicators as we entered the New Year, it's clear that this economic downturn is going to be much longer and more severe than we expected, and so we are taking appropriate and prudent steps to reset our own capacity. The unfortunate consequence of this decision is that we will have to eliminate jobs."
The company's capacity reduction will take place immediately and include equipment shutdowns at nine printing plants nationwide.
The job cuts will affect both production and administrative positions, and will be completed this week.
Quadracci said the capacity reduction would not impact the work it does for its customers, as it is removing redundant capacity throughout its network of plants.

Innovation Fuels, a rapidly emerging, New York-based renewable fuel company that manufactures, markets, and distributes biodiesel fuel to customers around the world, has closed on the purchase of a large terminal on 10 acres of land in the Port of Milwaukee.
The terminal will have the capacity to store 310,000 barrels (43,000 metric tons) of biodiesel and other renewable fuels into and out of the Midwest.
The project was financed by Securant Bank & Trust, a commercial bank based in   Milwaukee.
"We feel very strongly about the renewable fuels sector and understand the strategic importance for Innovation Fuels to establish a solid base here in the Midwest and Milwaukee in particular," said Spencer Mather, vice president of Securant Bank & Trust. 
The terminal, originally built as Shell Oil's Milwaukee headquarters in the 1950s, includes a 20,000-square-foot warehouse, executive offices and a garage. The site features existing truck and rail loading infrastructure, with excellent highway access and is served by two Class I railways, the Union Pacific Railroad and the Canadian Pacific Railroad.
In addition, the Port of Milwaukee has international shipping access via the St. Lawrence Seaway and can receive river barge cargo via the Mississippi. The facility also has an idled connection to the Westshore petroleum pipeline, which could be used to bring in diesel and gasoline to the terminal for blending with renewable fuels, such as biodiesel and ethanol.
"This acquisition provides Innovation Fuels with direct, deep-water access to the lucrative Great Lakes and Northeast markets as well as to international ports, making the Port of Milwaukee property one of the keys to our global strategy," said John Fox, chief executive officer for Innovation Fuels. "We can now easily transport finished product from Midwestern biofuels producers to virtually anywhere on the East Coast of the United States as well as to our international customers."
"We are both simplifying and streamlining the ethanol and biodiesel logistical and distribution process," said Richard "Hardy" Sawall, senior vice president of Midwest Operations for Innovation Fuels. "Being able to store renewable fuels at the Port of Milwaukee site and having direct access to a refined petroleum pipeline represents a unique opportunity for us to seamlessly blend our sustainable biodiesel into the regional diesel fuel market."
Sawall said the company plans to create 30 to 40 jobs at the terminal and to invest $15 million to $20 million to upgrade the infrastructure at the site.
Innovation Fuels' Research and Development center is studying next generation technology and feedstocks, including jatropha, pennycress and algae - crops that don't divert resources away from feeding people.

A webcast of the Milwaukee Press Club's Newsmaker Luncheon about the City of Milwaukee's paid sick leave mandate is now available online.
To view the webcast, click here.
The discussion featured Amy Stears, Wisconsin director of 9to5 National Association of Working Women (the organization that gathered signatures to place the sick leave mandate referendum on the ballot) and Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce, which has filed a lawsuit to repeal the mandate.

The public is invited to attend the City of Milwaukee's 163rd Birthday Party, which will take place on Tuesday, Jan. 27, from 5:30 to 8 p.m. at the Discovery World at Pier Wisconsin.
The party's theme this year will celebrate Milwaukee' "Future in Freshwater." The party has become one of the region's premier networking events.
The winning brand and slogan of a special collector's edition of Milwaukee bottled water will be announced at the party.
The Milwaukee water is being bottled by Buffalo Water Beer Company and Milwaukee Brewing Company.
The event will be catered by The Barolotta Catering Company. Tickets cost $25.
Tickets may be purchased online at www.milwaukeepressclub.org. For more information, contact Joette Richards at (262) 894-2224.

Irgens Development Partners LLC, has acquired Bluemound Crossings, formerly referred to as the Liberty Property Trust Center, in Brookfield.
Located at 16620-16650 Bluemound Road, Bluemound Crossings includes two single-story office/medical buildings totaling 49,062 square feet. A variety of prominent local and national restaurants, as well as retail shopping surround the office center.
"We were able to acquire this asset below reproduction cost. In turn, we've positioned the project to be able to extend this value to prospective tenants by offering competitive lease rates below market. Improvements and upgrades to the building and property will further enhance the appeal of this property," said Jason Luther, vice president of Irgens Development and manager of the Bluemound Crossings acquisition.
Irgens will make renovations throughout the property, including updates to the common area corridors and restrooms, electrical/lighting and HVAC systems to be more energy efficient and to comply with EnergyStar practices. Exterior updates beginning in the spring of 2009 will include significant landscape enhancements, repair to the brick facade and parking lot repair.
Irgens will also apply for Green Globe certification from the Green Building Initiative for the property once renovations are complete.
"Not only is energy management good for the environment but it can produce significant savings for our tenants through lower operating expenses further differentiating our project from competitive available space in the market," Luther said.
Bluemound Crossings' tenants include Ameriprise Financial, Access Endodontics, Sundance Vacations and Wisconsin Laser Eye. Irgens is offering 1,325 to 12,804 square feet of Class A office spaces for lease at the site. For additional information, contact Tim Nelson or Luther at (414) 443-0700. Kevin Armstrong and Kurt Smith from CB Richard Ellis represented the seller.

The Airport Gateway Business Association has opened a new office in the Layton Square Mall on the south side of Eighth Street and Layton Avenue.
The office space at 861 W. Layton Ave. has been donated by property owner David Heyes.
Tom Rave, executive director of the association, will begin using the new office regularly this week.
On Wednesday, Jan. 21, at 8 a.m., Airport Gateway Business Association and The Gateway to Milwaukee will conduct their annual meeting, where members will elect at least eight directors for two- or three-year terms.
Members are welcome to attend the meeting at the new office. For more information, contact Rave at trave@gatewaytomilwaukee.com.

Mithridion, Inc., a drug development company focusing on serious central nervous system disorders, including Alzheimer's disease, announced today it has received $2.9 million in Series B Preferred Stock financing.
The company will use the funds for the clinical development of MCD-386, its lead drug candidate, aimed at stopping or slowing down disease progression and improving memory and cognition for patients with Alzheimer's.
The company has raised $7.4 million to date in equity funding.
Venture Investors of Madison led the latest round of financing. The State of Wisconsin Investment Board and Wisconsin Investment Partners, both of Madison, and Rocket Venture Fund of Toledo. Ohio, all existing shareholders, also participated in the latest funding.
"his new funding will enable Mithridion not only to advance MCD-386 in Phase I trial, but will also support the development of exciting drug leads for AD and schizophrenia in our preclinical pipeline," said Trevor Twose, Ph.D., the company’s chief executive officer. "We greatly appreciate the continued support of our shareholders."
In preclinical laboratory tests, MCD-386 appears to replace deficient brain acetylcholine activity, similar to that caused by Alzheimer's. The drug is intended to improve memory and cognition, with improved tolerability compared to previously tested M1-selective muscarinic drugs. MCD-386 also appeared to activate alpha-secretase enzymes, which might reduce or prevent the loss of brain cells in Alzheimer's by preventing the formation of amyloid beta. In preclinical laboratory tests, MCD-386 appeared to be superior to the best first-generation drug candidates of its type.

The Café at The Pfister, will host a special "Rise to Power Lunch" to celebrate the transition of presidential powers on Inaugural Tuesday, Jan. 20.
The restaurant in The Pfister Hotel in downtown Milwaukee will honor the inauguration of Barack Obama as the 44th president of the United States.
The Café will offer a special selection of $4.44 sliders, soups and chili (Obama's favorite) from 11 a.m. to 2 p.m. The restaurant invites the public to watch Obama deliver his inaugural address and speak to the nation and the world for the first time as president on televisions positioned throughout the café.
"History will be made on Jan. 20, following an election that garnered more excitement and voter interest than any other during the past several decades," said Joe Kurth, general manager of The Pfister Hotel. "We invite the public to watch the inauguration on television at our restaurant, and to witness this landmark event with friends and business colleagues."
Obama will take the oath of office at 1 p.m. CST and will deliver his inaugural address at approximately 1:05 p.m. The Call to Order and Welcoming Remarks, along with other pre-inauguration entertainment, will begin at 12:30 p.m. CST.

The Reggie White Sleep Disorders Research & Education Foundation recently completed an educational DVD about obstructive sleep apnea and is making it available free to anyone who has an interest in sleep disorders.
The DVD, titled "When It's My Time, I Want to Die in My Sleep," was made possible by a grant from the National Football League Retired Players Association and was produced and directed by Davidson Kane of Milwaukee-based Media Spirits.
The Foundation has sent copies to the training staffs of all National Football League teams, since obstructive sleep apnea is common in somewhat overweight people with large necks. However, since part of the foundation's purpose is to educate, free copies are available to schools and individuals, as well.
Obstructive sleep apnea is a condition that affects 18 million Americans.
Sara White, Reggie's wife, the White family and the Sleep Wellness Institute of West Allis co-founded the foundation shortly after the Packer Hall of Famer death at age 43 from complications caused by sleep apnea. 
To obtain a copy of the DVD, call Stephen Gardner, the foundation's executive director, at (414) 336-3000, ext. 112. The video also can be viewed by visiting www.reggiewhitesleepdisordersfoundation.org.

One of Madison's oldest biotech research operations will be closing at the end of the year, affecting about 70 employees at the former Novagen. EMD Chemicals Inc., a subsidiary of Merck KGaA of Darmstadt, Germany, announced it will close the company's facility in University Research Park and consolidate all bioscience operations at the company's San Diego facility. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at www.biztimes.com.

The stock market began the new week on a down note this morning, with decliners outnumbering advancers. The largest local decliners in the BizTimes Stock Index were this morning were Bucyrus International Inc. (down $2.64 to $18.68), Joy Global Inc. (down $2.20 to $22.76) and Harley Davidson Inc. (down $1.69 to $14.31). The largest local advancers this morning were Weyco Group Inc. (up 80 cents to $31.11) and Wisconsin Energy Corp. (up 34 cents to $43.12).

Design Specialties Inc. in Milwaukee will receive $81,000 in Community Development Zone tax credits from the Wisconsin Department of Commerce to help the company pay for its new manufacturing facility and headquarters recently built on Milwaukee's far northwest side. For more information, read the new edition of the BizTimes Manufacturing Weekly bulletin.

The Waukesha County Chamber of Commerce recently held its annual Christmas party at the Brookfield Suites Hotel and Convention Center. To view  photographic slideshow of the event, visit the latest edition of BizTimes Around Town.

Is your company freezing employee wages in 2009? Take today's BizTimes Poll and view the results so far at www.biztimes.com.

A dedicated sales tax should be enacted to provide funding for mass transit in southeastern Wisconsin, according to Tom Rave, author of today's Milwaukee Biz Blog.