Tembec is taking measures to cut costs. The company recently announced plans to slash 100 white-collar jobs and to …
Tembec is taking measures to cut costs. The company recently announced plans to slash 100 white-collar jobs and to shutter an Ontario sawmill, Canadian Press confirmed. Tembec has also frozen all salaries for 2009, cut bonuses for its executives and is seeking to reduce travel expenses as well as participation in associations and research institutes in order to save money.
The moves come on top of previously announced plans to lay off close to half of its workforce in BC, Manitoba and Ontario.
“The actions announced today are extraordinary measures for our company,” Jim Lopez, president and CEO said. “However, these are extraordinary times for the economy generally, and for forest products in particular.”
Tembec is also seeking a 10% reduction from material suppliers and a 20% reduction from service suppliers.
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