(Reuters) -International Paper said on Friday it will close five packaging sites in Britain, cutting around 300 jobs, citing tough industry conditions. The U.S.-based company, which closed its $7.2
International Paper to Shut Down Five UK Sites, Cutting 300 Jobs
(Reuters) -International Paper said on Friday it will close five packaging sites in Britain, cutting around 300 jobs, citing tough industry conditions.
The U.S.-based company, which closed its $7.2 billion acquisition UK paper and packing peer DS Smith earlier this year, said a consultation process with employees and unions is ongoing.
As part of a strategic review by its UK business, the group is also proposing to relocate one site, move another site to a five-day round-the-clock operation from a seven-day operation, and lay off a "small" number of job cuts at two other packaging sites, it said.
The company did not provide further details on the proposals and did not say which UK sites were impacted.
International Paper said it expects the proposals would be implemented by the end of this year.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita Bhattacharjee)
