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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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      "kind": "callout",
      "text": "In a world where Saputo has been expanding beyond Canada, and into the US, Europe, and Australia/Asia, it appears that its employee cost structure is not competitive with its global dairy-producing peers. Furthermore, Saputo appears to have historically been hesitant to trim its expanding workforce, which grows year-after-year. In fact, it wasn't until recently on Aug 3, 2022 that Saputo first indicated that 200 jobs will be eliminated through its Global Strategic Plan.(1)",
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      "text": "In a world where Saputo has been expanding beyond Canada, and into the US, Europe, and Australia/Asia, it appears that its employee cost structure is not competitive with its global dairy-producing peers.",
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      "kind": "metric",
      "text": "Employee Wage Cost / Average Employee: $83,408",
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      "text": "Source: Last annual report for each company. Note: Converted at average FX exchange rate over fiscal year 1) Saputo Press Release 2) Excludes 3,354 employees from JV partners",
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      "text": "Employee Wage Cost Analysis Across Major Diary Producers",
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      "text": "Evidence of A Non-Competitive Cost Structure",
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