MeadWestvaco reported they will restructure fourteen facilities in their global packaging markets group.
These actions include further reducing corporate and business unit overhead expenses and closing or restructuring 12 to 14 manufacturing locations. This will result in the elimination of approximately 2,000 positions, or 10 percent of MeadWestvaco’s global workforce in 2010.
The company also announced they will not provide 2009 pay increases for salaried employees. The manufacturing-related reductions will include savings from facility restructurings and closures. The company feels that rationalizing assets as outlined will accommodate reduced demand and corporate financial objectives.
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Good for the industry - more than likely not so good (short term) for MWV. I would guess that the industry must reduce supply to bring discipline to the market.
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