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Copyright © 2000 Smurfit-Stone Container Corporation
Smurfit-Stone Announces Plan To Discontinue
CHICAGO, March 28, 2000 Smurfit-Stone Container Corporation (Nasdaq: SSCC) today announced its intention to discontinue operations at its Sand Springs, OK, corrugated container plant. Operations will be consolidated with other Smurfit-Stone facilities in the region.
The decision to discontinue operations was made after long and careful review of the plant's operations. Numerous factors were taken into consideration in making the decision, including near- and long-term capital requirements, operating margins, cash flow and strategic fit.
A total of 79 hourly and 33 salaried employees will be affected. The plant's final day of production is tentatively scheduled for June 2000.
Smurfit-Stone Container Corporation was formed
on November 18, 1998 as a result of the merger of Jefferson Smurfit Corporation
and Stone Container Corporation. The company is the industry's leading
manufacturer of paper and paperboard-based packaging, including containerboard,
corrugated containers, bag packaging, and claycoated recycled boxboard;
and is the world's largest paper recycler. In addition, Smurfit-Stone
is a leading producer of folding cartons, solid bleached sulfate, paper
tubes and cores, and labels. The company operates about 300 facilities
worldwide and employs approximately 35,000 people.