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Article Excerpt
ALPHARETTA, Ga., Sept. 11 /PRNewswire-FirstCall/ -- Schweitzer-Mauduit International, Inc. announced today a reorganization of its largest French paper mill, Papeteries de Mauduit SAS ("PDM"), including plans to reduce employee levels in 2010.
On September 10, employees at PDM, located in Quimperle, France were notified of the initiation of consultations with the unions and the Work's Council regarding intended reductions of employment levels by 106 people, or 15% of the current workforce. Meetings with the unions and the Work's Council must be completed before the amount of the restructuring expenses, timing and ongoing benefits of the changes can be definitively known. However, cash severance expenses associated with this action are expected to total approximately $14 million through the planned completion of the actions in the second quarter of 2010 and result in annual pre-tax savings of approximately $8 million, or $0.36 per share, with roughly half of this savings to be realized during 2010.
Restructuring expenses associated with this action will...
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