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Saputo cutting costs by closing three Canadian plants, affecting 230 employees

SAPUTO
Tags: Saputo

Saputo Inc. (SAP.TO) 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 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.

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