Sonoco announced details of a restructuring program that is expected to permanently reduce annual costs by $25 to $30 million.
The restructuring, which began in the fourth quarter of 2000, will be primarily implemented the first quarter. The company’s goal is to reduce its employment by close to 500, with more than half coming at locations throughout the United States.
Additionally, the company announced plans to close plants in Shepherd, Mich.; Jacksonville, Fla.; Spokane, Wash.; and Jeffersonville, Ind. The company also will be closing five other plants outside the United States.
``We are implementing a number of restructuring initiatives, including aligning and centralizing a number of staff functions to better serve our two global functional groups: Consumer and Industrial,'' said Harris DeLoach, Jr., president and CEO.
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