Clearwater Paper to lay off 290 employees with closure of Wisconsin facility

Clearwater Paper Corp. said Tuesday that 290 employees will be affected by its plan for the “indefinite closure” of its paper production facility in Neenah, Wisconsin. The closure will remove total paper production capacity of about 54,000 tons. The facility, which was acquired in 2010, includes three tissue machines and ten converting lines. “Despite the best efforts of our dedicated employees, our Neenah location and assets cannot cost effectively compete in the markets that we serve,” said Chief Executive Arsen Kitch. The company said it will work with union and state agencies to assist the impacted employees. Clearwater’s stock, which closed at a one-year low on May 24, rose 2.5% in morning trading. It has tumbled 22.6% year to date, while the S&P 500 has gained 11.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.