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Copyright © 2000 Smurfit-Stone Container Corporation
Smurfit-Stone Announces Plan to
CHICAGO, June 21, 2000 -- Smurfit-Stone Container Corporation (Nasdaq: SSCC) today announced its intention to discontinue operations at its Torrington, CT, 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 124 hourly and 28 salaried employees will be affected. The plant's final day of production is tentatively scheduled for October 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 premier manufacturer of paper- and paperboard-based packaging. Smurfit-Stone holds industry-leading positions in the production of containerboard (including white-top linerboard and recycled medium), corrugated containers, industrial bags, and clay-coated 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 more than 300 facilities worldwide and employs approximately 40,000 people.