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Article: Sappi Fine Paper North America to Permanently Close Muskegon Mill.(Company overview)
- Article from:
- Investment Weekly News
- Article date:
- September 12, 2009
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Sappi Fine Paper North America (NYSE:SPP) announced that it will permanently cease operations at its coated fine paper mill in Muskegon, Michigan. The closing will affect approximately 190 salaried and hourly Muskegon employees, who have been on furlough since the suspension of operations at the mill, which was announced in March 2009. Prior to that suspension, Sappi Fine Paper North America operated a single paper machine at the site with an annual production capacity of 170,000 metric tons.
Sappi will record a charge of approximately US$30 million in the fourth financial quarter in respect of separation and other closure costs. Of this amount, an estimated ...