October 17, 2023 - 9:19 AM
MONTREAL - Supremex Inc. is closing a facility in Saint-Hyacinthe, Que., that it acquired earlier this year as part of Impression Paragraph Inc.
The company says production at the location will be transferred to its facilities in the Montreal area.
It says the factory in Saint-Hyacinthe employs 28 workers, some of which could be relocated within the company’s existing operations.
Supremex, which makes envelopes and other paper-based packaging, will take a non-recurring restructuring charge of about $2.8 million before taxes in its fourth-quarter financial results related to the decision.
The closure is part of moves to improve operations in its packaging and specialty products segment that are expected to result in annual cost savings of about $1.5 million once all the measures are implemented.
The company also announced the departure of Simon Provencher, president of its packaging segment.
This report by The Canadian Press was first published Oct. 17, 2023.
Companies in this story: (TSX:SXP)
News from © The Canadian Press, 2023