TORONTO – Maple Leaf Foods (TSX: MFI) today announced that after a comprehensive review, it is implementing changes to further streamline the organization, establish a highly competitive cost structure and support a renewed focus on growth.
"We have significant opportunity to use our scale and cost efficiency as a source of competitive advantage. As we complete our network transformation, we are now able to address the additional resources that managing years of change required and place greater rigour on building a cost culture. Our goal is to minimize the cost of running the business so we can focus our investments and future job creation on growing the business."
As part of these changes, the Company will be reducing its salaried workforce by over 400, with the majority completed prior to the end of 2015 and the remainder in 2016. People affected will be treated fairly and respectfully, consistent with the Company's values and history in implementing organizational change.
"Maple Leaf is in an enviable position," said Michael H. McCain, President and CEO. "The ramp up of our new world-class supply chain is nearing completion; we have a portfolio of market-leading products and brands, leadership in innovation and an accomplished team of people who deliver strategic value to our customers. We are committed to building a more sustainable company as a core growth platform and we are taking important steps to reduce costs and redirect resources to those areas providing the greatest opportunity for business expansion."
Maple Leaf Foods Inc. is a leading Canadian consumer protein company, making high quality, innovative products under national brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders Country Naturals® and Mina™. The Company employs approximately 12,000 people across Canada and exports to global markets, including the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).
Source: Maple Leaf Foods Inc.
