Glatfelter says launching plan to right-size corporate cost structure
CEO Parrini continued, "While we made progress on our transformation, we continue to face competitive market conditions and the impact of the rapid rise in raw material prices in our Composite Fibers business. We have maintained our focus on reducing costs and improving efficiency to address these challenges and we recently announced price increases for this business. We are also launching a plan to right-size our corporate cost structure now that the sale of the Specialty Papers business is complete and we expect to eliminate $14 million to $16 million of expenses by the end of 2019. The growth opportunities we see in front of us and these actions continue to give me confidence in the longer-term potential of our engineered materials businesses and the value they will deliver to our shareholders."