OTHER NEWS - Nov. 26, 1991
International Paper Plans to Cut 1,000 Jobs: The Purchase, N.Y.-based firm said it will take a one-time, after-tax charge of $215 million because of an accounting rule related to employee post-retirement benefits other than pensions. In an unrelated move, the company said it plans to eliminate more than 1,000 positions in a cost-cutting effort worth an estimated $50 million annually. The company plans to establish a $60-million reserve to cover severance costs, resulting in a $37-million charge to after-tax earnings in the fourth quarter of 1991.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.