Noranda set to slash 338 jobs
Dec 04, 2008 | 07:55 AM
| Tom Jennemann
Noranda Aluminum Holding Corp. will undergo a company-wide work force and business restructuring aimed at reducing its operating costs, conserving liquidity and improving operating efficiencies.
The Franklin, Tenn.-based company's work force restructuring plan includes the reduction of about 338 employees—comprised of 228 in Noranda's upstream business, 96 at its downstream rolling mills and contract workers.
The restructuring is expected to generate cash savings and operating efficiencies of approximately $23 million annually. The company didn't give specifics on how the restructuring will affect production levels.
The reductions in its upstream business will occur during the fourth quarter of 2008 and the first quarter of next year. The downstream reductions, largely due to be completed in the fourth quarter, will affect Noranda's rolling mills in Huntingdon, Tenn.; Salisbury, N.C.; and Newport, Ark.....
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