Canadian processor Maple Leaf Foods announced it would cut 400 management jobs, or about 3 percent of its workforce, saying it was ready to streamline operations after starting up Canada's biggest meat plant. The majority of the cuts would be completed by the end of 2015, with the rest in 2016, reports Reuters.

Nearly half of the positions are based in the Mississauga, Ontario, head office, said spokesman Dave Bauer. Sixty-four are based at the new Hamilton, Ontario meat plant, and the rest of the job cuts are scattered across Canada.

"After years of change and transformation, we're now in a position to streamline the organization so we can operate as efficiently as possible," Bauer said. He declined to disclose the savings or one-time costs involved with the cuts.

Source: Reuters