Kruger Corner Brook Unions Green Light Pension Plan Funding Relief Measures
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Kruger Inc., Montréal, Qué., Canada, this week announced that active and retired unionized employees at its Corner Brook Pulp and Paper mill, Corner Brook, N.L., Canada, have approved the proposal to apply funding relief measures to their pension plan's deficit. Kruger noted that these relief measures were essential to the mill's ability to compete in the market and will enable the company to pursue its assessment of the mill's long-term viability. The next step will be for the company to present a sustainability plan to its lenders and to the Newfoundland and Labrador government within the coming weeks.
According to the final report issued last Friday by independent auditor Brian N. Hillier, the number of objections for each group of members were:
- Active members (321)—19 objections, 5.9%
- Retired members (645)—7 objections, 1.1%.
With Canadian facilities in Québec, Ontario, British Columbia, and Newfoundland and Labrador, as well as in the U.S., Kruger is a producer of publication papers, tissue, lumber, and other wood products, corrugated cartons from recycled fibers, green and renewable energy, and wines and spirits.
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