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Fortress Paper Ltd announces labour cost reduction plan

Monday, 2 Jun 2014 06:44pm EDT 

Fortress Paper Ltd:Says that it has approved an employee reduction plan that will result in reduction of about 16 pct. of the salaried staff in the company's dissolving pulp segment, including senior management, middle management and clerical staff.Impact in cost savings is estimated at about $2.2 million per annum.Says these layoffs resulted from a management directive to immediately reduce labour costs as part of comprehensive cost reduction initiative undertaken in response to challenging dissolving pulp market.