Mondelez to close Toronto bakery next year, 550 jobs hit

Thu Nov 1, 2012 4:54pm EDT
 
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TORONTO (Reuters) - Mondelez International Inc's Canadian division said on Thursday it plans to shut down a Toronto bakery in the third quarter of 2013.

The facility, which has produced cookies and crackers since 1948, employs about 550 people. The company said some production will shift to facilities in Toronto and Montreal.

Mondelez is the snack business that remained after then-Kraft Foods Inc spun its North American grocery business off into Kraft Foods Group Inc in October.

Mondelez, which sells Trident gum, Oreo cookies and Cadbury chocolates, derives 44 percent of its revenue from developing countries, including Brazil, Russia, India and China.

Mondelez shares closed 0.9 percent higher at $26.80 on Thursday on the Nasdaq.

(Reporting by Allison Martell; Editing by Peter Galloway)