10:47 AM EDT, 10/22/2024 (MT Newswires) -- Quad/Graphics ( QUAD ) said Tuesday that it signed a definitive agreement to sell the majority of its European operations for 41 million euros ($44.3 million) to Capmont, a private capital investment manager in Germany.

The transaction covers the employees and facilities of Quad/Graphics's ( QUAD ) Europe print and ink-manufacturing business based in Wyszkow, Poland, the company's Peppermint agency in Warsaw, and Quad POS that has locations across Europe, Quad/Graphics ( QUAD ) said, adding its shared services employees in Poland are not covered.

Quad/Graphics ( QUAD ) Chief Executive Officer Joel Quadracci said the sale is in line with the company's strategic focus to optimize its portfolio for growth.

The company said it expects to close the sale by the end of the year, with the proceeds to be used to reduce debt and for further investments supporting its MX offering.

Quad/Graphics ( QUAD ) shares were down more than 7% in recent trading.

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