Appliance maker blames higher Canadian dollar, saying plant has become unsustainable because most of its production is exported to the U.S.
January 27, 2012
by The Canadian Press
MONTREAL—Home appliance-maker Mabe Canada has cut 700 jobs in Montreal, blaming the high-flying loonie for its struggles.
The jobs will disappear over the next three years as the company gradually shutters its Montreal plant, where it manufactures dryers.
The company, which also has operations in the U.S. and Mexico, produces a variety of appliances under well-known names such as GE and Hotpoint.
Blaming the higher Canadian dollar, the company said the plant has become unsustainable, given that 90 per cent of the dryers produced there are exported to the U.S.