American Pad & Paper Announces Plant Closing.DALLAS--(BUSINESS WIRE)--May 10, 1999-- American Pad & Paper Company (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AMPP AMPP Apache, MySQL, PHP and Perl AMPP Actual Medicinal Product Pack (UK) AMPP Advanced Materials and Processing Program ) (AP&P) announced that its plant in Holland, N.Y. will be closed and consolidated as part of the Company's previously announced rationalization plan. The Holland plant is a Williamhouse Division operation and will be transferring its production capability into an existing plant in Scottdale, Pa. The Holland plant employs approximately 185 people and will continue operations at reduced levels through the end of September 1999. Eligible employees affected will be provided with a severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Department of Labor to provide a career transition program. Commenting on the plant closure, William L. Morgan, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of American Pad & Paper said, "The decision to combine the Holland plant into the Scottdale plant is a necessary step in returning the Company to sustained profitability. This consolidation combined with ongoing improvements in the Scottdale plant will significantly enhance our ability to service our customers. I sincerely regret the hardship to our employees, but this consolidation is essential to maximize greater efficiency within our Williamhouse division." Mr. Morgan also stated, "Closure of the Holland plant is the fourth major plant rationalization action we have announced and we are on or slightly ahead of schedule in each of these actions, which should all be completed by the end of 1999." American Pad & Paper Company is a leading manufacturer and marketer of paper-based office products in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Product offerings include envelopes, writing pads, file folders, machine papers, greeting cards See e-card. and other office products. The key operating divisions of the Company are Williamhouse, AMPAD, and Creative Card. Company revenues in 1998 were $662 million. This release contains forward-looking statements relating to future results. Actual results may differ significantly as a result of factors over which the Company has no control, including, but not limited to the following: changing economic conditions, slower than anticipated sales growth, price and product competition and changes in raw material costs. Additional information, which could affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission. |
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