Saputo closing three Canadian plants; will affect 230 jobs
In this file photo, Saputo Inc. President and CEO Lino Saputo Jr., addresses shareholders during the company's annual general meeting in Laval, Que., Tuesday, August 6, 2013. (Graham Hughes / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, March 22, 2016 1:52PM EDT
MONTREAL - Saputo Inc. says it will close three plants in Eastern and Atlantic Canada employing some 230 workers by the end of next year in a move to cut costs and boost efficiency.
The Montreal-based dairy processor and cheese maker said its plant in Sydney, N.S., will close in June, followed by another in Princeville, Que., in August. A third facility in Ottawa will close in December 2017.
Production will be diverted to other Saputo facilities.
The move announced Tuesday is expected to save $9 million annually by fiscal 2019.
Meanwhile, Saputo (TSX:SAP) plans to invest about $32 million in other locations over the next two years.
Saputo is the largest cheese manufacturer in Canada and one of the top 10 dairy processors in the world.