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19.01 08:51:07

MWV cuts workforce - USA

MeadWestvaco (MWV) has announced that it will lay off 2,000 employees or about 10 percent of its work force.

 

The company cited lower demand for its consumer packaging and office products in its decision to cut costs. Management also announced plans to close or restructure 12 to 14 of its manufacturing locations. MWV is also planning to make cost savings of $100 million in 2009 by cutting back on corporate as well as business unit overhead expenses.

 

MWV chairman and chief executive John Luke said: "Today's actions, combined with our strategic focus on the most profitable opportunities in our packaging end markets, will help us further strengthen our financial position and deliver maximum value to shareholders."

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