The company states: “Smurfit Westrock (SW) announced it will permanently close its coated recycled board mill in St. Paul, Minnesota, U.S. and will discontinue production at its containerboard mill in Forney, Texas, U.S. The specialty coating facility at Forney will not be impacted. As a result, the Company’s containerboard and CRB capacity is expected to reduce by over 500,000 tons. Smurfit Westrock has also initiated consultations with local works councils in Germany with a view to permanently closing two converting facilities there. Approximately 650 employees in the U.S. and Germany will be impacted as a result of these closures. We recognize the impact this has on our employees and the communities involved. We will provide support to employees during this transition including career transition assistance and relocation opportunities where possible. The impacted employees will receive local severance in accordance with Company policy, as well as works council and labor union agreements.”
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SW:
- Smurfit Westrock price target lowered to $50 from $62 at Truist
- Smurfit Westrock price target lowered to $57 from $61 at RBC Capital
- Smurfit Westrock price target lowered to 4,900 GBp from 5,300 GBp at JPMorgan
- Smurfit Westrock price target lowered to $43 from $53 at Wells Fargo
- Smurfit Westrock Announces Total Voting Rights Update