Canadian meat and poultry processor Maple Leaf Foods is cutting more than 400 salaried positions, with the majority of those jobs to be eliminated before the end of 2015.
According to a Toronto Star report, the decision to eliminate those jobs is the just latest round of cuts for the company that has spent the larger part of the past seven years cutting its workforce, merging facilities and selling off other divisions in a $1-billion attempt to return to profitability.
The company recently completed a transformation where it built a series of new plants to replace old and outdated plants, with the last old plant going offline in April. During the transformation process, Maple Leaf Foods consistently reported financial losses. However, for the third quarter of fiscal year 2015, Maple Leaf Foods saw its net earnings from continuing operations rise to CA$18.7 million (US$1.43 million), rebounding well after experiencing a loss of CA$26.7 million during the third quarter of fiscal year 2014. The Canadian company also reported for the quarter an adjusted earnings per share of CA$0.16, compared to a loss of CA$0.12 during the same quarter of fiscal year 2014.
Maple Leaf Foods employs approximately 12,000 people across Canada.