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High Liner Foods says underperforming U.S. plant to close by second quarter
LUNENBURG, N.S. – High Liner Foods Inc. (TSX:HLF) is moving to reduce excess capacity at its U.S. manufacturing network and cease production at one of its frozen seafood plants in Massachusetts.
The leased plant in Malden, Mass., currently has 50 full-time employees and an annual production of about 11.5 million pounds.
Some employees will be moved directly to positions at other High Liner facilities and the rest will be able to apply for jobs at High Liner plants in New Bedford, Mass. and Portsmouth, N.H.
High Liner also has a plant in Newport News, Va. and in Lunenburg, N.S., where the company has its headquarters.
High Liner estimates the closure will result in an $800,000 after-tax impairment charge to write down equipment, mostly to be reflected in the fourth quarter of 2014. It also expects about $300,000 of after-tax cash costs related to employment cuts.
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