Saputo to close two facilities in effort to improve efficiency
MONTREAL -- Saputo Inc. says it will close its facilities in Trenton, Ont., and Saint John, N.B.
The closures are scheduled for September this year and January 2021, respectively.
The dairy and cheese company estimates approximately 280 employees will be impacted.
The production of both these sites will be integrated into other Saputo facilities across Canada and some affected employees will be offered the possibility of transferring to other Saputo locations within the dairy division.
The announcement came as Saputo reported a third-quarter profit of $197.8 million or 48 cents per diluted share compared with a profit of $342.0 million or 87 cents per diluted share a year ago. Revenue totalled $3.89 billion, up from $3.58 billion.
On an adjusted basis, Saputo says it earned 50 cents per diluted share for the quarter, up from an adjusted profit of 44 cents per diluted share in the same quarter last year.