At Tembec Inc.’s annual meeting in Montreal this week, CEO James Lopez said the company will likely face job cuts, …
At Tembec Inc.’s annual meeting in Montreal this week, CEO James Lopez said the company will likely face job cuts, more shuttered mills and other cutbacks this year in an effort to maintain their cash and credit reserve in a declining market.
As reported in the Montreal Gazette, Lopez did not go into specifics, but did say the company is “looking at some pretty aggressive numbers.”
Earlier this month, Tembec announced a number of temporary and indefinite closures, including its high-yield pulp mill in Matane, Que.
The article also stated Tembec’s suppliers will be affected: as of Feb. 1, the company’s goods suppliers will have to reduce their prices by 10%, while their service suppliers will have to drop prices by 20% if they want to keep doing business with Tembec.
Lopez also said the company will increase focus put on becoming more environmentally friendly and gaining Forest Stewardship Council certification, a status he was noted as saying brought in $10 million for Tembec last year.
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