Louisiana-Pacific Corporation (LP) recently detailed a number of additional actions it was taking to reduce its rate of cash use, including slashing its planned capital spending for the next several years.
LP has already in recent months suspended dividends, indefinitely curtailed operations at four OSB mills, and taken significant downtime to manage working capital and preserve cash.
Rick Frost, ceo, said: “We have also reduced planned capital spending to US$25m/year for the next several years. This compares to expected 2008 capital spending of US$170m.”
Mr Frost said around 200 salaried positions ¬– about 14% of the salaried workforce – had been eliminated.
