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UNITED STATIONERS TO CUT 150 U.S. JOBS
United
Stationers Inc. (USTR) said it will eliminate about 150 positions
through early retirement and work force realignment programs in an
effort to control costs.The business product distributor, which employs
about 5,700 people, plans to finish the realignment by the second
quarter and sees annual savings of $4 million to $5 million beginning in
the second half.The company expects severance and other charges of $9
million to $10 million before taxes during the fourth quarter.United
Stationers also expects the move to take about $12 million off its
vacation pay liability in the fourth quarter, to be recorded as an
offset to operating expenses.Despite an increase in third-quarter
earnings, the company said last month that operating expenses were up
and it was looking to tightly manage costs.Chief Executive Richard W.
Gochnauer also said last month he would retire in May.Shares were down
32 cents in recent trading to $64.47 and are up 6.6% in the past 12
months.
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