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News > Companies
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
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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.Back to top
     -- By staff writer Martine Costello

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.