The Effingham Worldcolor Petty plant will have a new owner in the near future, although it is unclear what this will mean for the local facility that employs around 650 people during peak times.

Sussex, Wis., based Quad/Graphics Inc., the largest privately held printer in the United States, plans to acquire Canadian rival World Color Press Inc., the second largest publicly held printer.

The acquisition was approved by the two companies’ boards. They are expected to close the deal this summer after which Quad/Graphics intends to become a publicly traded company.

The deal will give World Color shareholders approximately 40 percent of the combined company and is expected to generate an estimated $225 million in two years.

According to World Color Chairman and CEO Mark Angelson, the transaction “presents compelling opportunities for the achievement of synergies and other efficiencies.”

The transaction also allows Quad/Graphics, which has 11 U.S. plants and several overseas, to expand its geographic scope by entering the Canadian and Latin American markets. The deal also is said to bring broader product and service scope to Quad/Graphics.

World Color, which emerged from bankruptcy protection last year, has about 20,000 employees, including 650 employees at its local Worldcolor Petty plant during its peak season. The expanded Quad/Graphics will have nearly 30,000 employees.

Quad/Graphics prints such publications as Newsweek, GQ and L.L. Bean catalog, while World Color’s portfolio includes Sports Illustrated, Rolling Stone and yellow book directory.

A call to World Color regarding plans for the local plant was not returned Tuesday.

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