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FiberMark layoffs

FiberMark Inc. expects to eliminate about 100 positions resulting in estimated annual savings of $5 million US.

FiberMark Inc. expects to eliminate about 100 positions resulting in estimated annual savings of $5 million US.
The company will take a pre-tax charge of approximately $1.5 million US during the third quarter for severance expenses.
The mass layoff will account for about 9% of FiberMark employees in the U.S. No staff changes are planned in the company’s German operations due to the continued strength in order levels and operational performance.