Clearwater Paper Corporation will reduce approximately 20% of salaried and hourly positions at its Cypress Bend, Arkansas facility and operate the site at roughly half of its production capability. The company expects these actions to deliver $8 to $12 million of annualized cost savings, while not impacting shipment volumes.
Clearwater Paper expects the changes to have no impact on shipment volumes. Clearwater Paper will provide severance packages, healthcare subsidies and outplacement services to affected employees and will engage with the union through effects bargaining. The company intends to return the mill to full production when industry conditions improve or through an investment in swing CUK capabilities.
Clearwater Paper is a premier independent supplier of paperboard packaging products to North American converters.
