Supremex lays off 41 employees at envelope facilities
SUPREMEX INC. plans to reduce operating expenses at its Canadian envelope operations to improve resource allocation and further support the company’s diversification strategy into the growing packaging market. Supremex is reducing its Canadian envelope facilities head count by a total of 41 employees, or approximately 8 per cent of its Canadian envelope work force. These measures will result in annual cost reductions of approximately $2.7-million, before taxes, which will progressively materialize in the current quarter and will take full effect in 2019. A one-time charge of approximately $1.4-million, before taxes, will be recorded in the company’s 2018 fourth quarter results.
“We regret the effect that these measures will have on employees and their families, and, wherever possible, we have transitioned employees to our packaging business and worked with them on early retirement possibilities. These cost cutting measures were necessary to improve operational efficiency and improve both competitiveness and profitability in our envelope business as we continue to prudently deploy resources into our packaging activities,” commented Stewart Emerson, president and chief executive officer of Supremex.
About Supremex Inc.
Supremex is a leading North American manufacturer and marketer of envelopes and a growing provider of packaging and specialty products. Supremex operates 12 facilities across seven provinces in Canada and three facilities in the United States employing approximately 830 people.
We seek Safe Harbor.
Nicole Boivin, Stewart J Emerson, Robert Bruce Johnston, Georges Kobrynsky, Dany Paradis, Steven P Richardson, Andrew I Sullivan, Warren Joseph White
(SXP) Shares: 28,280,469