Magazine article Workforce

International Paper Says It's Cutting 9,000 Jobs to Increase Profitability

Magazine article Workforce

International Paper Says It's Cutting 9,000 Jobs to Increase Profitability

Article excerpt

INTERNATIONAL PAPER CO., HEADQUARTERED IN PURCHASE, New York, announced in early July that it plans to cut 9,000 jobs companywide, approximately 10 percent of its overall workforce. The layoffs are being done in an effort to improve the firm's financial performance.

International Paper, reportedly the world's largest paper and forestry products company, plans to curtail its pulp and uncoated paper capacity by at least 400,000 tons and sell $1 billion in assets during the next year to increase profits.

Included in that plan will be an effort to shut down a mill in Woronoco, Massachusetts, and close three production lines at its Erie, Pennsylvania, mill, eliminating approximately 250 union and 50 nonunion jobs out of its 1,130-employee operation there. It also plans to sell other paper-packaging and printing businesses that aren't producing as well as the firm has hoped.

CEO John Dillon assured shareholders he would improve returns when he took office in April 1996. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.