Amid reduced demand for its office products, Memphis-based International Paper is slashing capacity by closing three plants and firing 1,600 workers -- that's 3 percent of payroll. The moves will bring about $1.1 billion in charges.
IP's supply cuts surprised analysts, who viewed the aggressive moves as positive:
mill machine in Valliant, Okla., also will be shut down permanently.
UPDATE: According to The Associated Press wire, the closing in Oklahoma was just one machine at a mill, not the entire mill.
IP's supply cuts surprised analysts, who viewed the aggressive moves as positive:
"This is big -- the breadth of product lines and the amount of tonnage removed exceeds our expectations," Joshua Zaret, a New York-based analyst at Longbow Research, said today in a telephone interview. "This is highly positive for the company and the industry."The three mills to be closed are in Albany, Ore., Franklin, Va., Pineville, La., and an idled
UPDATE: According to The Associated Press wire, the closing in Oklahoma was just one machine at a mill, not the entire mill.
IP's supply cuts surprised analysts, who viewed the aggressive moves as Positive, as long as the Analysts did not lose their jobs!
Losing 1,600 American Jobs is always a Positive Thing in this backward society.
Wake Up America, China already has one foot in the door!