Henrico packaging plant to close

Wed, 27 Aug 2008 02:21:00 GMT

www.EmploymentCrossing.com Graphic Packaging International Inc. merged with Altivity Packaging LLC of Chicago in March. They created Graphic Packaging Holding Company. This merger may have saved 90 million by combining assets but a plant in Sandston will close and as many as 185 people may lose their jobs. The close is set to happen in phases beginning Sept 19th and most employees will be affected. Facilities in Greensboro N.C. and Smyrna, Tenn will also close the beginning of next year. Analyst Roy Ophir director of research for the financial investment firm Matrix USA, stated, "I think moves like this to decrease overhead are smart moves, [One] good thing I can say is it looks like the profit margin is going in the right direction.. "It looks like they could be on the cusp of profitability."

By bilingualcross

Tags : Altivity, Chicago, Company, Graphic, Greensboro, Holding, Inc., International, LLC, N.C, Ophir, Packaging, Roy, Smyrna, Tenn, www.EmploymentCrossing.com

Viddler > All tags- Chicago for bilingualcross

Henrico packaging plant to close