International Paper Cuts 350 Jobs
STAMFORD, Conn. (AP) _ International Paper announced Monday it will cut 350 jobs, close a mill in Oswego, N.Y., and reduce its containerboard capacity by 100,000 tons.
The 350 jobs represent a 10 percent reduction in the mill work force of the Industrial Packaging Group, while maintaining current production levels. All reductions should be completed this year, IP said.
A containerboard mill in Oswego, N.Y., will be shut down by the end of January, eliminating 102 jobs.
The other jobs will be eliminated at other mills through the use of new technology and other moves, IP said. The majority of the reductions will occur at a mill in Savannah, Ga., the company said.
``As Oswego closes, IP’s customer needs will be met by other larger facilities within our multi-mill system that have unused capacity,″ said Dennis Colley, vice president, industrial packaging. ``Shifting production to our more efficient mills will generate a better return for International Paper shareholders.″
The job cuts are the latest in a series of layoff announcements by IP, which has been hurt by the weak economy and a strong dollar that makes it tougher to be competitive with exports. Last June, IP announced 3,000 job cuts.
International Paper, based in Stamford, is the world’s largest paper and forest products company.
IP stock closed Monday on the New York Stock Exchange at $41.96, up 2 cents.
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