Supremex closing its Edmonton facility, cutting 39 jobs in bid to reduce costs

MONTREAL – Supremex Inc. says it is closing its Edmonton facility and cutting 39 jobs in a move to reduce costs.

The envelope maker says the cuts represent about five per cent of its total workforce.

The move is expected to result in annual cost savings of about $2.4 million, before taxes.

The company says the savings will begin to materialize in the current quarter and throughout the first three quarters of 2021 as operations wind down in Edmonton.

Supremex says it will take a one-time charge of about $2.5 million, before taxes, on its fourth-quarter results.

The company operates 13 facilities across six provinces and three facilities in the United States employing a total of about 850 people.

This report by The Canadian Press was first published Dec. 1, 2020.

Companies in this story: (TSX:SXP)