IP begins job cuts for unspecified time|[05/15/08]
Published 12:00 am Thursday, May 15, 2008
Unspecified job cuts began this morning at International Paper, according to sources from inside and outside the company.
Operations at the mill on Mississippi 3 will continue with “limited staffing at least on a temporary basis,” said spokesman Amy Sawyer in Memphis, the company’s headquarters.
About 400 people, including IP’s 306 regular employees, were at the mill when a boiler exploded May 3. All were accounted for, company officials have said.
It was not immediately clear if this morning’s action would lead to mass layoffs, Sawyer said.
Worker files lawsuit”I really can’t speculate on that,” she said.
One source said employees were told operations would be limited beginning Monday and continue for at least seven days.
In regulatory filings with the Securities and Exchange Commission, IP executives indicated its uninsured losses from the accident had not been calculated. Business interruption and property damage insurance held by the company carries $20 million deductibles and retention amounts.