Tom Lange, 314-746-1236
Georgina Giannelli, 312-580-4865
Smurfit-Stone Container Corporation Announces Plan to Discontinue Operations at Charlotte Corrugated Plant
Chicago, March 17, 1999 Smurfit-Stone Container Corporation (Nasdaq: SSCC) today announced its intention to discontinue operations at its Charlotte, NC, corrugated container plant. Operations will be consolidated with those at other North Carolina locations.
A total of 93 hourly and 28 salaried employees will be affected. The plant's final day of production is tentatively scheduled for sometime in the fourth quarter of 1999.
Smurfit-Stone is the industry's leading manufacturer of paper-based packaging, including corrugated containers, folding cartons, industrial bags and other consumer and industrial packaging. It is the largest producer of containerboard, boxboard and kraft paper, and the largest collector, marketer, and exporter of recovered fiber. The company operates more than 300 facilities worldwide.
This document contains certain forward-looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934, as amended, about Stone Container Corporation and Smurfit-Stone Container Corporation (the "Corporations"). Although the Corporations believe that, in making any such statements, their expectations are based on reasonable assumptions, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. When used in this document, the words "anticipates," "believes," "expects," "intends," and similar expressions as they relate to the Corporations or its management are intended to identify such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties. Important factors that could cause actual results to differ materially from those in forward-looking statements, certain of which are beyond the control of the Corporations, include: the impact of general economic conditions in the U.S. and Canada and in other countries in which the Corporations and their subsidiaries currently do business (including Asia, Europe and Latin and South America); industry conditions, including competition and product and raw material prices; fluctuations in exchange rates and currency values; capital expenditure requirements; legislative or regulatory requirements, particularly concerning environmental matters; interest rates; access to capital markets; the timing of and value received in connection with asset divestitures; and obtaining required approvals, if any, of debt holders. The actual results, performance or achievement by the Corporations could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations and financial condition of the Corporations.