|
L-P cutting 3,500 jobs
|
 |
October 27, 1997: 12:50 p.m. ET
Building-materials maker to sell $1B of non-core assets in restructuring plan
|
NEW YORK (CNNfn) - Building materials maker Louisiana-Pacific Corp. said Monday it is cutting more than 3,500 jobs and selling non-core assets valued at $1 billion as part of a major restructuring plan.
The company announced the restructuring after citing a third-quarter loss of $18 million, or 16 cents a share, on lower prices and operating problems.
"L-P's strategy is to focus on the core building products where we have a sustainable competitive advantage and opportunities to grow," said Mark Suwyn, chief executive.
The 3,500 positions are in units the company is selling, so it's likely employees won't lose their jobs, said Barry Lacter, a company spokesman.
"They will likely keep their jobs -- they just won't be working for Louisiana-Pacific," Lacter said.
L-P, based in Portland, Ore., manufactures building materials, industrial wood products and pulp.
The company will sell about 300,000 acres of California timberlands, its California saw mills, two distribution centers and a pulp mill.
It also will sell a window and door manufacturing unit and a business that makes electronic storage devices, among others.
The company's stock (LPX), was down 1/4 at 22-5/8 in midday trading on the New York Stock Exchange.
-- By staff writer Martine Costello
|
|
|
|
|
 |
|
