The firm has been consulting with staff and unions since 11 December.
Today the group announced that agreement had been reached on the closure.
Dismantling of the newest of the companys two 64pp webs, a MAN Roland Lithoman IV, will later this month. It will be moved to Polestar Petty in Leeds and is set to be up and running there in the spring.
The majority of the work currently printed at Watford will transfer to Petty.
Its still to be determined whether the second short-grain 64pp will also be relocated to Petty or not.
Watford employs some 350 staff. Redundancy terms are still being finalised, with employees set to begin leaving the company from March.
GPMU deputy general secretary Tony Burke said: We are still talking to the company about two main issues: the redundancy package and arrangements for rundown, and the opportunities for alternative employment. We will hopefully get that concluded within the next week or so.
Group human resources director Catherine Hearn said: We are hoping that some Watford employees will transfer to vacancies elsewhere in the group. We are also providing local job and outplacement services.
Story by Jo Francis
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