Sylvamo Corp Announces Elimination Of Approximately 150 Positions, Or Nearly 7% Of Global Salaried Workforce
Portfolio Pulse from Benzinga Newsdesk
Sylvamo Corp (SLVM) plans to eliminate approximately 150 positions, or nearly 7% of its global salaried workforce, as part of a cost-saving initiative. The company aims to achieve run rate savings of at least $110 million by the end of 2024, with two-thirds of the target coming from operational improvements in mills and supply chains.
November 09, 2023 | 12:14 pm
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Sylvamo Corp's decision to cut 7% of its workforce could lead to short-term cost savings, potentially improving the company's financial performance.
The company's decision to cut its workforce is a cost-saving measure that could improve its financial performance in the short term. However, the long-term impact will depend on how well the company manages the transition and whether it can maintain operational efficiency with a reduced workforce.
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