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“This action was necessary to operate in a recessionary economy. It was a difficult decision for many reasons, and even more so at this time of year. We are grateful to the people affected by this for their contributions to Solo Cup,” said Robert M. Korzenski, Solo Cup Company president and CEO.
The total workforce reduction, including salaried employees and contractors, is expected to generate approximately $11 million in annualized cost reductions. The company will incur a one-time charge of approximately $1 million in severance costs. In addition, management expects to cancel a number of currently open positions. Solo’s hourly manufacturing employees were not impacted.