Economy woes touch Libby
Semitool and Plum Creek Timber trim their workforce
by Duane Williams, KLCB 1230 AM Libby News Radio
November 14, 2008
Perhaps the tip of the iceberg of the national economic slowdown, dare call it a recession, is beginning to be felt in Libby.
With the announcement of Semitool laying off part of its Libby assembly plant work force comes the word that Plum Creek Timber will be trimming its contract loggers by cutting two Libby crews from the roster. In addition, says Plum Creek spokesman Kathy Budnick, Plum Creek will have a mandatory woods shutdown for the remaining contractors for two weeks beginning with Thanksgiving.
Plum Creek has more than enough logs on the ground to meet the demand of its mills, she told KLCB News.
There is a downturn in woods products across the board, in part being driven by the number of foreclosures and repossessions in the housing market resulting is less new construction, and thus less demand for wood products.
The curtailed operations are expected to last into Spring.
Plum Creek just recently announces a quarterly dividend of forty-two cents per share.
Story by Duane Williams, KLCB 1230 AM Libby News Radio, www.todaysbestcountryonline