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IP cuts 375 jobs
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April 25, 2001: 8:09 p.m. ET
International Paper ceases operations at mill in operation since 1928
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NEW YORK (CNNfn) - International Paper is indefinitely closing its mill in Moss Point, Miss. and cutting 375 jobs, due to high costs and a lack of demand for bleached board.
International Paper (IP: Research, Estimates) said Wednesday it plans to shut down the plant, which has been in operation since 1928, by the end of the second quarter.
"This was a difficult decision," said Newell Holt, vice president and general manager of IP's bleached board business, in a statement. "But the mill simply can no longer compete against newer, more modern paper machines."
"Moss Point has been an integral part of International Paper for more than 70 years," Holt added.
The company said it will meet with unions "as soon as possible to discuss the effects of this decision."
On April the company reported that first-quarter profit plunged, although the weaker results matched lowered Wall Street forecasts for the period.
Shares of IP rose 36 cents to $37.74 Wednesday on the New York Stock Exchange. 
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