US snack manufacturer Snyder's-Lance is to close its bakery facility in Ontario as part of a company-wide review.
In a statement yesterday (25 February), the firm said its plant in Cambridge will close on 17 May. The company did not say how many jobs might be at risk as a result of the closure.
"Snyder's-Lance conducted a comprehensive review of current manufacturing facilitates including capacity, capabilities and distribution costs to key markets," Snyder's-Lance said. "Based on that review, management has decided to close the Cambridge facility in order to reduce operating costs while consolidating production into other existing manufacturing sites."
The company said it is providing impacted staff with "severance and outplacement benefits" and will offer them the opportunity to be considered for jobs at other Snyder's-Lance facilities.
In 2012, the firm closed two facilities in Texas: a manufacturing plant in Corsica and a distribution centre in Greenville.
Last week, Snyder's issued a 2013 profit forecast below Wall Street consensus, sending shares down. The company saw its profits increase in 2012 but the company closed the year with a fall in earnings in the fourth quarter.
Snyder's-Lance Announces Plant Closing - Cambridge, Ontario
CHARLOTTE, N.C., Feb. 25, 2013 /PRNewswire/ --Snyder's-Lance Inc. (NASDAQ-GS: LNCE) today announced plans to close its bakery facility in Cambridge, Ontario effective May 17, 2013.
Snyder's-Lance conducted a comprehensive review of current manufacturing facilitates including capacity, capabilities and distribution costs to key markets. Based on that review, management has decided to close the Cambridge facility in order to reduce operating costs while consolidating production into other existing manufacturing sites.
The Company is providing impacted associates with severance and outplacement benefits as well as the opportunity to be considered for jobs that may exist in other Snyder's-Lance facilities.
About Snyder's-Lance, Inc.
Snyder's-Lance, Inc., headquartered in Charlotte, NC, manufactures and markets snack foods throughout the United States and internationally. The Company's products include pretzels, sandwich crackers, pretzel crackers, potato chips, cookies, tortilla chips, restaurant style crackers, nuts and other snacks. Snyder's-Lance has manufacturing facilities in North Carolina, Pennsylvania, Iowa, Indiana, Georgia, Arizona, Massachusetts, Florida, Ohio and Ontario, Canada.
Products are sold under the Snyder's of Hanover®, Lance®, Cape Cod®, Pretzel Crisps®, Krunchers!®, Tom's®, Archway®, Jays®, Stella D'oro®, Eatsmart®, O-Ke-Doke®, Grande® and Padrinos® brand names along with a number of private label and third party brands. Products are distributed nationally through grocery and mass merchandisers, convenience stores, club stores, food service outlets and other channels. LNCE-G.
