A corporate merger was the reason for this mass layoff story. The Memphis Business Journal has the details:
Citing the need to eliminate overcapacity and integrate its now-combined container business, International Paper Co. is shutting down four plants across the country in the next two months.Sounds to me like someone is trying to monopolize the paper industry.
The plants are located in Fort Smith, Ark., Santa Paula, Calif., Chicago and Solon, Ohio. The company will eliminate a total of 215 jobs, according to an International Paper statement. The plants are a combination of facilities owned by Austin, Texas-based Temple-Inland Inc. and International Paper.
The closings come months after Memphis-based International Paper (NYSE: IP) completed its $4.4 billion acquisition of Temple-Inland, which brought an additional 10,000 employees, 59 box plants, 14 building products plants and seven containerboard mills into IP’s group of 23,000 employees, 12 paper mills and more than 140 box plants on six continents.
Bonus: We don't need corporate America to do any more joining together