04:44 PM EDT, 05/22/2024 (MT Newswires) -- Maple Leaf Foods ( MLFNF ) after trade Wednesday said its closing its Brantford, Ontario, plant and will consolidate most of its Further Processed Poultry (FPP) production into its existing plant network through early 2025.

Earlier this year, a statement noted, the company determined that this 100-year-old facility would likely require significant ongoing investment to continue long-term operations.

Wednesday's statement said the closure of the plant will be completed in a phased manner to maintain business continuity and meet customer demand. The company added it will work with the affected Team Members to provide support and assistance through this transition, including supporting other opportunities at other Maple Leaf Foods ( MLFNF ) facilities.

"Consolidating production into our current network allows us to reallocate our resources and increase our efficiencies by further optimizing the existing, more modern facilities in our network," said Curtis Frank, President and Chief Executive Officer.

The company said consolidating production enables it to harvest the benefits of its network and focus on improving operational efficiency, cutting down on waste, and growing asset utilization.

Maple Leaf Foods ( MLFNF ) said it will work with the community of Brantford to seek alternate uses for the property.

The company's shares closed down $0.52 or 2.2% to $23.19 on the Toronto Stock Exchange.