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The Canadian-based company also will consolidate all distribution activities of the greater Toronto area into one distribution center, which will be located in Vaughan, Ontario. These changes will be implemented gradually and should be completed at the end of September.
Overall, these moves will affect approximately 190 employees from whom around 120 employees will be offered the possibility to relocate within the Dairy Products Division (Canada). Likewise, these decisions are part of the company's continual analysis of its overall activities and the implementation of measures aimed at improving its operational efficiency.
Costs connected with this announcement will be approximately $4.6 million, after tax, which includes a fixed assets write-down of approximately $2 million, after tax. Saputo expects annual after tax savings of approximately $6.5 million.
Saputo produces, markets and distributes a wide array of products of the utmost quality, including cheese, fluid milk, yogurt, dairy ingredients and snack cakes. Saputo is the 11th largest dairy processor in the world, the largest in Canada, the third largest in Argentina, among the Top 3 cheese producers in the United States and the largest snack cake manufacturer in Canada. Its products are sold in more than 40 countries under well-known brand names such as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, Danscorella, De Lucia, Dragone, DuVillage 1860, Frigo Cheese Heads, Kingsey, La Paulina, Neilson, Nutrilait, Ricrem, Stella, Treasure Cave, HOP&GO!, Rondeau and Vachon. Saputo is a publicly traded company whose shares are listed on the Toronto Stock Exchange under the symbol SAP.