Domtar to lay off 400 employees as it idles Kentucky mill [MarketWatch]
Domtar Corporation (NEW) (UFS)
Last domtar corporation (new) earnings: 2/7 06:55 am
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Source: MarketWatch
Domtar Corp. said Monday it will temporarily lay off 400 employees as it plans to idle its Hawesville, Kentucky paper mill starting May 5th. The stock rose 2.0% in morngin trading. The packaging paper company said it expects the mill's H1 paper machine to restart in June and the H2 machine to remain idled until July. Including the idling of its Kingsport, Tennessee mill and of its paper machine at its Ashdown, Arkansas mill, the company expects production capacity to be reduced by about 227,000 tons of uncoated freesheet paper, which should bring inventory to appropriate levels. "Throughout the COVID-19 pandemic, we have been actively monitoring the impacts to our business and taking methodical steps to optimize capacity in the current environment," said Chief executive John Williams. "We believe it is appropriate to take the additional step of temporarily idling our Hawesville mill in light of reduced paper demand." The stock has dropped 41% over the past three months, while the S&P
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