January 16, 2009
Locally based firm will cut 2,000 jobs
The frugal buying habits of worried consumers are translating into more job losses in the Richmond area. Now, the industry that makes packaging for products ranging from DVDs to cosmetics is taking a hit—and that’s a bad signal for the economy at large this year, economists say. MeadWestvaco Corp., a Fortune 500 packaging and paper-products company, announced yesterday that it would cut 2,000 jobs—10 percent of its worldwide work force—by the end of the year to save money as it contends with the recession. About 800 of the cuts will come in the first quarter.
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