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Canadian meat packer Maple Leaf to cut 400 jobs

Maple Leaf Foods Inc said it would cut 400 jobs, or about 3 percent of its workforce, nearly a month after the Canadian meat packer pushed back its timeline for hitting a key profitability target.

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Maple Leaf Foods Inc said it would cut 400 jobs, or about 3 percent of its workforce, nearly a month after the Canadian meat packer pushed back its timeline for hitting a key profitability target.

Maple Leaf, one of Canada's biggest pork processors, said on Wednesday the majority of the job cuts would be completed by the end of 2015 and the rest in 2016.

The Ontario-based company employs about 12,000 people in Canada, the United States and Asia.

Reuters reported the job cuts on Tuesday, citing people familiar with the matter.

Maple Leaf had rolled out a program in 2010 to boost earnings by shutting some plants and modernizing others.

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The company's restructuring costs fell 76 percent in the third quarter as it nears completion of the program.

Last month, Maple Leaf delayed into 2016 its target for increasing earnings before interest, taxes, depreciation and amortization as a percentage of revenue to 10 percent.

The profitability measure amounted to 7.1 percent in the third quarter.

Maple Leaf shares ended at $21.20 (Canadian) on Tuesday on the Toronto Stock Exchange. Up to Tuesday's close, the stock had risen nearly 9 percent this year.

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