Paper Cuts: International Paper to Cut 10% of U.S. Workforce
International Paper
(IP) - Get Report
will eliminate 3,000 jobs from the company's U.S. workforce, largely in the next 12 months, by cutting staff support functions and implementing organizational changes in several operating businesses.
The job cuts represent around 10% of the company's U.S. salaried workforce. "Our capacity management and divestiture efforts, coupled with a rigid financial discipline, are having a favorable impact on our performance and will continue," the company said in a press release. "But the market and economic conditions we are facing require that we further reduce costs within the company. We are realigning our resources as necessary to improve our financial results, while continuing our commitment to serve our customers."
International Paper, a component of the
Dow Jones Industrial Average, has operations in nearly 50 countries and employs more than 113,000 people.
Shares of International Paper ended regular
New York Stock Exchange trading at $35.40, down 60 cents, or 1.7%, on the day.