Olymel, a major Canadian poultry and pork processor and distributor, will close its hog plant in Vallee-Jonction, Que., late this year, laying off 994 people.

The company said the closing would mean 994 employees get laid off, including 911 union members and 83 managers. 

Olymel said the move was necessary after it absorbed more than $400 million in losses over the last two years.

“After carefully examining the difficult situation in the fresh pork sector and searching for the best way out of this crisis, it has become clear that closing one of Olymel’s four slaughtering, cutting and deboning plants in Quebec was inevitable,” said Yanick Gervais, president and chief executive officer of Olymel.

Quebec is Canada's biggest hog-producing province. The Vallee-Jonction plant is one of four owned by Olymel that slaughters, cuts, and debones hogs in Quebec, Reuters reports.

In February, Olymel announced the closure of two other Quebec pork processing plants in Blainville and Laval, resulting in 170 lost jobs.