Louisiana Pacific To Cut 4,400 Jobs

Newsday ^ | May 9, 2002 | The Associated Press

[Willie Green]

PORTLAND, Ore. -- Louisiana-Pacific, a maker of lumber, pulp and building products, said it will sell several businesses and shed nearly half of its work force as part of a restructuring effort.

The Portland-based company said it would trim 4,400 jobs -- cutting its work force from 9,700 to 5,300. The moves would leave the company with 30 North America mills instead of 60.

It is also selling 935,000 acres of timberland in three states -- Idaho, Louisiana and Texas -- and its plywood, industrial panels and lumber businesses.

[blackdog]

The IRS has modified it's rules regarding the proceeds from the sale of timber holdings. I know it is very complex. Plum creek timber was the way I heard of it. In a nutshell, the profits from the sale of certain categories of timber holdings allows the selling company to make huge profits. Of course we can shed all those people too! Another jewel from the tax code which destroy people and their livelihood.

Look for more of these since companies are trying to produce some real earnings for a change.