BRIEF-Saputo says about 230 employees will be impacted due to plant closures in Canada

Tue Mar 22, 2016 1:17pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

March 22 (Reuters) - Saputo Inc :

* Saputo announces plant closures in Canada

* Current production will be integrated into other Saputo facilities

* In all, approximately 230 employees will be impacted

* Costs connected with closures will be recorded in Q4 of fiscal 2016

* Intends to add approximately $32 million in new fixed assets in other Saputo facilities over course of next two fiscal years

* Says costs connected with the closures will be approximately $23 million

* Annual savings after taxes should commence in fiscal 2017, gradually increase over next two fiscal years, reaching about $7 million in fiscal 2019

* Closures are scheduled in June 2016, August 2016 and December 2017 respectively

* Says will close three of its facilities in Canada, in Sydney (Nova Scotia), Princeville (Quebec) and Ottawa (Ontario) Source text for Eikon: Further company coverage: