One of Canada’s largest food processing companies is to cut more than 400 jobs, or about 3% of it’s workforce.
Facing financial challenges, the company continues to work on a restructuring plan after pushing back a timeline for hitting key profitability targets.
Most of the job cuts are expected to be completed by the end of 2015 with the remaining cuts in 2016.
The Ontario company employs about 12,000 people in Canada, the United States and Asia.
Maple Leaf has been cutting costs by closing some plants and merging in addition to a reduction in its number of distribution centres.
A program to modernizing plants was launched in 2010.
The company’s costs fell 76 per cent in the third quarter as it nears completion of it’s restructuring.