Supremex Inc. plans to reduce operating expenses at its Canadian envelope operations. Supremex is reducing its Canadian envelope facilities headcount by a total of 41 employees, or approximately 8% of its Canadian envelope workforce, as the company says in the press release received by Lesprom Network.
These measures will result in annual cost reductions of approximately $2.7 million, before taxes, which will progressively materialize in the current quarter and will take full effect in 2019. A one-time charge of approximately $1.4 million, before taxes, will be recorded in the company's 4Q 2018 results.
Supremex Inc. is a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions.