Domtar cuts 415 jobs, loses $44M in Q1
May 4, 2004 By Pulp & Paper Canada
Domtar Inc. announced sales of $1.2 billion and, when taking into account unusual items, an operating loss of $33 m…
Domtar Inc. announced sales of $1.2 billion and, when taking into account unusual items, an operating loss of $33 million and a net loss of $44 million, or $0.19 per common share in the first quarter of 2004.
Excluding unusual items, Domtar’s operating profit decreased by $103 million in Q1 2004 compared to Q1 2003.
In addition to the closure of one paper machine at its Vancouver mill announced in January 2004, Domtar conducted an extensive benchmarking of best practices and restructured its activities accordingly at all other paper manufacturing operations in Canada, and at its Port Huron mill, located in the U.S. Once fully implemented, this initiative will result in the elimination of 415 positions and anticipated annual savings of $50 million
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