International Paper Co. announced Monday the company plans to cut its Memphis workforce by 300 jobs.
The company, which employs about 3,200 people in Memphis and over 100,000 worldwide, said the layoffs are part of a move that will cut nearly 10 percent of its salaried workers in the United States.
Most of the positions being cut are considered to consist mostly of administrative duties and will occur by December. Others positions may not be cut until next summer.
The company said it still plans to hire 950 additional workers when a new tower is completed at its Poplar headquarters and two additional facilities are completed. The new jobs are expected to come by the end of 2003.
The company said the cuts are the result of a slowing U.S. economy as paper prices and demand falls.
