FiberMark announced employee layoffs
FiberMark Inc. announced approximately 100 staff layoffs that began in July. These eliminated jobs will result in an estimated annual savings of $5 million. The full savings benefits are likely to be realized during 2004. The company will take a pre-tax charge of approximately $1.5 million during the third quarter for severance expenses.
Reductions will account for 9 percent of employees in the U.S., and will affect all functional areas. No staffing changes are planned in the company’s German operations due to the continued strength in order levels and operational performance.
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