Paperlinx shares rise 8% on news of Tassie exit

Paperlinx shares rise 8% on news of Tassie exit

Shares in paper seller PaperlinX (ASX:PPX) have climbed 7.8% after the company announced plans to cease its Tasmanian operations, shedding at least 252 jobs.

The company yesterday said it would close its Wesley Vale paper production operation, as well as part of the operations at Burnie.

But PaperlinX said it will seek to sell its Burnie plant as an an alternative to total closure.

The exit will be complete by June 2010, PaperlinX said, after which the company will be entirely a paper distribution company.

PPX is currently trading at $0.55, from yesterday’s closing price of $0.51.

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Tags job cutsstock marketPaperlinX

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