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Stock Market & Financial Investment News

News Breaks
February 18, 2014
05:30 EDTCLWClearwater Paper to close Long Island tissue converting facility
Clearwater Paper announced the permanent and immediate closure of its Long Island, NY, tissue converting and distribution facility. Tom Colgrove, president of the company’s consumer products division stated, “After thoughtful consideration, we have determined that permanently closing our Long Island plant and consolidating manufacturing at the company’s other lower-cost tissue facilities is a necessary step for Clearwater Paper. This has been a tough decision, one where we carefully reviewed all alternatives to closing the plant.” The company will work closely with the NY Department of Labor’s Rapid Response Unit to assist employees in receiving training or educational benefits or other benefits that enable them to find new employment as quickly as possible. The company will also provide career assistance services to help employees through this difficult time. Displaced employees will have the opportunity to apply for open positions at other Clearwater Paper facilities. In addition, employees will be offered separation pay The company expects the total impact of non-recurring exit related costs to be approximately $12M-$15M, of which approximately $10M is expected to be incurred in 2014 and the remainder in 2015. The cost savings benefits resulting from the facility consolidation and optimization, which are incremental to the company’s previously announced cost savings programs, are expected to be approximately $6M in operating costs savings in 2014 and approximately $12M on an annual basis to be fully realized beginning in 1Q15.
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July 23, 2014
16:43 EDTCLWClearwater Paper reports Q2 EPS ex-items 74c, consensus 73c
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