US snack manufacturer Snyder’s-Lance is to close its bakery facility in Ontario as part of a company-wide review.
In a statement yesterday (25 February), the firm said its plant in Cambridge will close on 17 May. The company did not say how many jobs might be at risk as a result of the closure.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“Snyder’s-Lance conducted a comprehensive review of current manufacturing facilitates including capacity, capabilities and distribution costs to key markets,” Snyder’s-Lance said. “Based on that review, management has decided to close the Cambridge facility in order to reduce operating costs while consolidating production into other existing manufacturing sites.”
The company said it is providing impacted staff with “severance and outplacement benefits” and will offer them the opportunity to be considered for jobs at other Snyder’s-Lance facilities.
In 2012, the firm closed two facilities in Texas: a manufacturing plant in Corsica and a distribution centre in Greenville.
Last week, Snyder’s issued a 2013 profit forecast below Wall Street consensus, sending shares down. The company saw its profits increase in 2012 but the company closed the year with a fall in earnings in the fourth quarter.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
