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Severance deal.

Abitibi-Price Inc. and 400 of its former employees in Thunder Bay came to terms last month. The mill employees, laid off in the spring when the company shut down one of its three newsprint mills, signed a severance deal giving them 1.5 weeks of pay for each year of service. The deal also provided full pensions to workers whose age and years of service totalled 75. The aging mill was shut down by Abitibi for two years to cut newsprint production. The company, the largest producer of newsprint in the world, lost nearly $45 million in 1990 and $5.5 million during the first three months of this year. By contrast, it reported a $54-million profit in 1989.
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Title Annotation:Abitibi-Price Inc.
Publication:Northern Ontario Business
Article Type:Brief Article
Date:Oct 1, 1991
Words:119
Previous Article:Layoffs.
Next Article:Workers cut.
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