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

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. CTV Two CTV News CTV News Channel BNN - Business News Network CP24