Wednesday, June 27, 2001
Plan on despite job cuts
Paper company considers growth
By Mike Boyer
The Cincinnati Enquirer
A proposed $12 million expansion of International Paper Co.'s Loveland technology center hasn't been jeopardized by the paper giant's decision to trim 3,000 jobs, or 10 percent of its salaried work force, during the next year.
A spokeswoman for the company, which recently moved its headquarters to Stamford, Conn., said expansion at the 46-acre research park, off Interstate 275, is still under consideration but no decision has been made.
IP, which acquired Champion International Co. for $9.6 billion a year ago, said Monday it was trimming its worldwide salaried work force. It said the cost-cutting was needed because of falling paper demand and prices.
The job cuts will include about 50 administrative workers among IP's varied operations in Greater Cincinnati: its Covington-based xpedx distribution business, the technology center near Loveland, the former Beckett Paper mill in Hamilton and several other smaller operations. The company employs about 2,000 in Greater Cincinnati and 113,000 worldwide.
IP already has received tax credits from Ohio for the Loveland expansion, which would involve relocating about 140 workers from Champion International's Knightsbridge office complex in Hamilton and adding about 260 jobs over three years.
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