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Sappi Announces Corporate Downsizing in Salaried Workforce

Press release from the issuing company

BOSTON--Oct. 22, 2001--Sappi Fine Paper North America today announced the restructuring of corporate staff functions at its headquarters in Boston, Mass. and various other sales and corporate offices across the country. As part of this corporate streamlining, approximately 100 positions have been eliminated, or 10% of the salaried workforce. The corporate restructuring results from the closure of the company's mill in Mobile, Ala. earlier this year but also improves the competitiveness of the company in current challenging market conditions. Monte R. Haymon, President and CEO, commented, "This is a difficult but necessary decision. We must take those steps required to better position the company for long-term success and growth.'' To ease the transition for affected employees, Sappi is providing separation benefits, including outplacement support services. Sappi Fine Paper North America is the leading manufacturer of coated woodfree paper in North America. The company is headquartered in Boston, Mass., with three paper mills located in Maine and Michigan. Sappi Fine Paper North America is part of the global company, Sappi Limited, the world's largest producer of coated woodfree paper.

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