25 workers laid off as Arkansas plant prepares to close; CEO cites Chinese trade practices

About 25 people have lost their jobs at a plywood manufacturing plant in Trumann, while a similar number will remain employed for a few more months.

Columbia Forest Products, based in Greensboro, N.C., said it will cease all hardwood plywood production at the plant this fall. "The decision to close Trumann is especially difficult given the skills and commitment of the employees in Trumann," Greg Pray, the company's president and chief executive officer, said in a news release. "As employee-owners, we consider them family."

The company has operated the plant in Trumann, just south of Jonesboro, since 1986. Columbia was established in 1957.

About 25 workers have already been released. Another 25 or so will keep their jobs as the company continues working on filling remaining orders for products and moving production to other Columbia sites in North America, the company said.

Pray attributed the plant's closing to Chinese trade practices.

"We have fought a long and challenging battle against unfair and imbalanced Chinese trade practices," Pray said. "First, with hardwood plywood. More recently, imported Chinese cabinets. The combined and sustained impact of these and other factors have eroded our market opportunities."

-- Stephen Steed

Walmart offers break to 'green' suppliers

Walmart Inc. said Thursday that it will offer "improved" financing options to suppliers who can show progress in reducing greenhouse-gas emissions. The Bentonville retailer is collaborating with lender HSBC on the program that links suppliers' financing rates to their sustainability efforts.

The Sustainable Supply Chain Finance program lets suppliers apply for more favorable financing from HSBC if they can demonstrate through Walmart's Project Gigaton or Sustainability Index that they've lowered their emissions. Project Gigaton is Walmart's initiative to remove a gigaton of greenhouse gases from its global supply chain by 2030.

Ash Eisa, senior vice president for Walmart Global Sourcing, said in a separate news release that the new program "will encourage suppliers to ... become even more efficient and successful."

-- Serenah McKay

Arkansas Index sees 2.09-point decline

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, declined 2.09 to 422.71 Thursday.

"Strong retail sales data for March along with a positive weekly jobs report moved equities higher as the advance was led by the industrials and real estate sectors ahead of the market holiday for Good Friday," said Leon Lants, managing director at Stephens Inc. in Little Rock.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 04/19/2019

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