TMCnet News
Saputo Announces the Closure of its plant in Hinesburg, Vermont, United States(Marketwire Via Acquire Media NewsEdge) MONTREAL, QUEBEC, October 22 / MARKET WIRE/ -- Saputo Inc. announced today the closure of its cheese manufacturing plant in Hinesburg, Vermont, United States (US). This facility was damaged by a fire on September 29, 2008. Since that incident, production has been transferred to other Saputo facilities in the US. The official date of closure is October 22, 2008. In all, approximately 80 permanent employees will be affected. In some cases, employees will be offered the possibility of transferring to other plants within the Dairy Products Division (USA). This decision is 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 the closure will be approximately USD$5.4 million after taxes, which includes an after tax fixed assets write down of approximately USD$4.4 million. These costs will mainly be recorded in our fiscal 2009 third quarter. Annual savings after taxes should be approximately USD$2.2 million and should commence at the beginning of fiscal 2010. About Saputo Together, over the years, we have aspired to grow, exploring new opportunities while staying true to our culture. Our progress is owed to the continued dedication of our 9,200 employees, who, across 5 countries, team up every day to go further. They craft, market and distribute a wide range of high-quality products, including cheese, fluid milk, yogurt, dairy ingredients and snack-cakes. Saputo is the 15th largest dairy processor in the world, the largest in Canada, the third largest in Argentina, among the top three cheese producers in the United States, and the largest snack-cake manufacturer in Canada. Consumers and customers in over 40 countries appreciate our products distributed under our well-known brands such as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, Danscorella, De Lucia, Dragone, DuVillage 1860, Frigo, Kingsey, La Paulina, Nutrilait, Ricrem, Stella, Treasure Cave, HOP&GO!, Rondeau and Vachon. Saputo Inc. is a public company whose shares are traded on the Toronto Stock Exchange under the symbol SAP. Contacts: Karine Vachon Advisor, Communications 514-328-3377 Copyright ? 2008 Marketwire |