By: The Los Angeles Times said on Monday it is consolidating production at three facilities in downtown Los Angeles, and will close its Chatsworth plant, resulting in 110 job cuts.
The daily newspaper, owned by the Tribune Co., said it hopes to cut as many jobs as possible through voluntary separation packages.
"We deeply regret the impact this consolidation will have on employees, but the reality is that The Times has invested $500 million to modernize and build new facilities and expand color capacity since the Chatsworth plant became operational in 1983,'' Mark H. Kurtich, senior vice president of operations, said in a prepared statement.
Consolidation in the newspaper's production facilities is expected to be completed in the first quarter of 2006, after which time the company will begin to sell the 250,000 square-foot Chatsworth facility.
Shares of Tribune Co., which have traded between $30.64 and $43.41 over the last year, lost 2 cents in after-hours trading after closing down 53 cents at $30.86 on the New York Stock Exchange.
Comments
No comments on this item Please log in to comment by clicking here