TORONTO — Maple Leaf Foods (TSX:MFI) is raising prices and closing some of its plants as part of a major efficiency drive to offset the drag of rising commodity costs and a strong Canadian dollar.
"It is the largest cost reduction effort in the history of Maple Leaf, ever," president and CEO Michael McCain said on a conference call with investors Wednesday.
"Its purpose is to significantly reduce costs and improve productivity to bring our plant structure on par with large U.S-scale processors."
Maple Leaf, which produces the Maple Leaf and Burns brands and also is Canada's largest baker through its Canada Bread subsidiary, said Wednesday it aims to improve efficiency as the company emerges from a period of "adversity," marked by the negative impact of a rising loonie, and a "tragic" tainted meat recall.
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