American Pad & Paper Company Announces Plant Closing.DALLAS--(BUSINESS WIRE)--Jan. 19, 1999--American Pad & Paper Company (NYSE NYSE See: New York Stock Exchange :AGP (Accelerated Graphics Port) A high-speed 32-bit port from Intel for attaching a display adapter to a PC. It provides a direct connection between the card and memory, and only one AGP slot is on the motherboard. ) (AP&P) announced today that its plant in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , will be closed and consolidated as part of a previously announced restructuring plan, which is designed to improve customer service, better balance manufacturing capacity to market demands and reduce overall manufacturing costs. The Dallas plant is a Williamhouse division site and will be transferring its production capability into an existing plant in Corsicana, Texas Corsicana is a city in Navarro County, Texas, United States. It its located on Interstate 45 some 55 miles south of downtown Dallas. The population was 24,485 at the 2000 census. It is the county seat of Navarro CountyGR6. . The Dallas plant employs approximately 150 people and will continue operations at reduced levels through the end of May 1999. Eligible employees affected will be provided 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:
Commenting on the plant closure, James W. Swent III, Chief Executive Officer of American Pad & Paper, said, "Combining the Dallas plant into the Corsicana plant, which is less than 50 miles away from Dallas, will better balance our manufacturing capacity and enhance service to our customers in the Southwest. This action will move us closer to our goal of being the lowest cost manufacturer in our industry." In addition Mr. Swent said, "Making this type of decision is extremely difficult, but the future of our Company depends on a strategy that provides greater efficiency and a return to profitable growth." American Pad & Paper Company is a leading manufacturer and marketer of paper-based office products in North America. Product offerings include envelopes, writing pads, file folders, machine papers, greeting cards and other office products. The key operating divisions of the Company are Williamhouse, AMPAD, and Creative Card, which market principally under the following Brand Names: AMPAD(R), Century(TM), Embassy(R), Evidence(R), Globe-Weis(R), Gold Fibre(TM), Huxley(TM), Karolton(R), Kent(R), Peel & Seel seel tr.v. seeled, seel·ing, seels To stitch closed the eyes of (a falcon). [Middle English silen, from Old French cillier, from Medieval Latin (R), SCM (1) (Software Configuration Management, Source Code Management) See configuration management. (2) See supply chain management. (TM), Williamhouse(TM) and World Fibre(TM). Company revenues in 1997 were $687 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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