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November 21, 2008

Louisiana-Pacific Announces 'Right-Sizing Effort'

By MDM Staff

Louisiana-Pacific Corp., Nashville, TN, has announced a "right-sizing effort," which includes eliminating 14% of its salaried work force, or about 200 positions. "We have also reduced marketing and sales expenditures, frozen salaried employee wages, and moved our IT operations into a maintenance mode," said CEO Rick Frost.
 
The company hopes to see cash savings of $30 million to $35 million on an annualized basis as a result of these moves.
 
Over the past several quarters, Louisiana-Pacific has suspended dividends, indefinitely curtailed operations at four OSB mills, and taken downtime at many other production facilities to manage working capital and preserve cash.
 
Louisiana-Pacific is a supplier of building products, and commodity and specialty products to retail, wholesale, homebuilding and industrial customers.

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