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Sat, Jun 15, 2024 15:52
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Clearwater Paper announces closure of tissue conversion facility

NEW YORK -- Clearwater Paper Corporation CLW, a manufacturer of various tissues, bleached paperboard and pulp, announced on Monday the permanent and immediate closure of its Long Island, New York, tissue conversion and distribution facility.

The company will collaborate with the New York Department of Labor's Rapid Response Unit to help employees receive training, education and other benefits that will contribute to them finding new employment as soon as possible. Clearwater Paper will also provide career assistance services and separation pay. The out of work employees may apply for open positions at its other facilities.

The company said the total impact of non-recurring exit related costs will be about USD12m to USD15m, of which about USD10m will be incurred in 2014 and the remainder in 2015. The cost savings benefits from facility consolidation and optimization will total around USD6m in operating costs savings in 2014, and about USD12m annually which will be fully realized from the start of the first quarter of 2015.

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