Weyerhaeuser plans to fire workers as it cuts costs to match the reduced scale of its business. The Federal Way company is reviewing how...
Weyerhaeuser plans to fire workers as it cuts costs to match the reduced scale of its business.
The Federal Way company is reviewing how many it needs to continue operating, Chief Executive Officer Dan Fulton told reporters Friday in New York. The process will result in “reduced head count,” he said, without saying how many jobs would be affected or the cost of severance packages.
“There’s a gap between where we are and where we need to be,” Fulton said. “Closing that gap would require action of a magnitude we’ve never seen before.”
Fulton said he would provide further details on the cost-cutting plans by “late summer.”
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Analysts have urged Weyerhaeuser to trim the size of its head-office employment after last year’s spinoff of its fine-paper business to create Domtar and this year’s planned $6 billion sale of its industrial-packaging business to International Paper.
Weyerhaeuser had 37,900 employees at the end of last year, according to Bloomberg data