(Crain's) — Acco Brands Corp. trimmed about 145 jobs last month as it realigned one of its business units.
Eliminating the jobs, in direct sales and customer service, will result in a pretax charge of about $7 million for Lincolnshire-based Acco Brands, which makes office products under various brand names, including Day-Timer, Swingline, Quartet and Wilson Jones.
The decision to eliminate those jobs was unrelated to Acco's upcoming merger with a division of MeadWestvaco Corp., according to an Acco spokesman. That merger, announced in November, will give MeadWestvaco Corp. shareholders 50.5 percent ownership in the combined company.
"This is a completely separate initiative," the spokesman said of the job cuts. "The sales and servicing of large office equipment needed a refreshed business model."
The cuts, which primarily took place in the United States, represent less than 4 percent of Acco's workforce.
Acco said the job cuts should save the company a total of $8 million, according to a document filed with the Securities and Exchange Commission.
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