Employees impacted by the reductions will receive severance, outplacement assistance and other services consistent with company policy, Nelson said.
Nelson declined to provide any additional information, citing employees’ privacy.
According to the SEC filing, ACCO Brands will pay out approximately $12.7 million total in employee termination and benefits costs in 2014 ($11.8 million) and 2015 ($900,000).
The company “expects to realize approximately $23.8 million in annual savings from these restructuring actions net of related structural investments, with approximately $16 million benefiting 2014 and an incremental approximately $7.8 million benefiting 2015,” the SEC filing said.
In November 2011, MeadWestvaco publicly announced that it was spinning off its Mead consumer and office products division to ACCO Brands in a deal eventually said to be worth $998 million. The merger became complete in May 2012.