(Reuters) - Packaging and paper products company Cascades Inc (CAS.TO) said it will shut its paper napkin plant located in Scarborough, Toronto, to cut costs.
“This initiative will enable us to maximize the production at Laval and Waterford plants,” CEO Suzanne Blanchet said in a statement.
The Kingsey Falls, Quebec-based company said the closure of the plant that makes paper napkins for quick service restaurants will affect 30 employees.
Last week, Cascades reported a fall in second-quarter profit on lower sales in Europe and currency exchange rate losses.
Shares of the company closed at C$4.99 on Monday on the Toronto Stock Exchange.
Reporting by Maneesha Tiwari in Bangalore; Editing by Supriya Kurane