09:44 AM EST - Catalyst Paper Corp. : announced further staffing reductions due to global economic recession and deteriorating market conditions. The company specified that about 100 staff positions will be affected. The company said that the staff layoffs will take effect June 8, 2009. The company said that the permanent reductions will occur mainly at Richmond and Nanaimo offices while indefinite layoff of 55 salaried staff will take place at Elk Falls mill and Crofton pulp mill. The company specified that the severance of 42 employees will be completed over the next few months. The company expects savings from the layoffs in range of $350,000 per month with a further $4 million in annualized savings from the permanent staffing reductions. Catalyst Paper Corp.
shares T.CTL are trading up $0.01 at $0.21.
