Plastic2Oil Inc (PTOI)

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Rock-Tenn Co.'s $3.5 billion takeover of Smurfit-Stone Container Corp. means the loss of a Fortune 500 company in the St. Louis area and the coveted jobs that accompany its headquarters.

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Half of Smurfit's 800 local jobs are at a container plant in Chesterfield and a recycling plant in north St. Louis, and those jobs are not immediately affected by the acquisition. But the remaining half are jobs at the company's Creve Coeur headquarters, which will be restructured as a result of the takeover.

The most immediate local impact will be on the top Smurfit executives living here. Those job functions will shift to Norcross, where Smurfit-Stone will operate as a wholly owned subsidiary under the Rock-Tenn brand name, Rock-Tenn's Chairman and CEO James Rubright said in a phone interview with the Post-Dispatch. The Smurfit-Stone name will disappear.

The companies wouldn't say what would happen to about 400 positions at the local headquarters. Some back-office or administration functions may remain in Creve Coeur and Chicago, Rubright said.

The combined companies are expected to save $150 million by cutting corporate overhead costs and other expenses over the next two years..............


Read more: http://www.stltoday.com/business/local/article_a20b0928-9638-5884-8650-591afc339c8c.html#ixzz1xtRdZ9RL