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Canada Bread to Close its Snack Cakes Bakery in Shawinigan, Quebec; Shy of Yr Highs

Canada Bread Company, Limited (CBY.TO), shy of a year high $52.01, announced plans to close its bakery in Shawinigan, Quebec. It said the closure will improve efficiencies in the company's network by reducing overhead and supporting a focus on higher margin products and new market opportunities.

Closure costs to be incurred in 2013, including severance, decommissioning and asset write-downs are expected to amount to approximately $3.1 million before tax, $1.6 million of which represents cash expenses.

The Shawinigan bakery produces a variety of snack cakes under the Chevalier, Cadbury and Obsession brands. Seventy four employees will be affected when the company closes the facility on May 3, 2013.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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