12/10/2013 09:47 EST | Updated 02/09/2014 05:59 EST

Kellogg to close London cereal factory next year

Kellogg's will close its breakfast cereal factory in London, Ont., next year, throwing 500 people out of work.

The company announced that the iconic factory will be shuttered by the end of 2014 as part of a global cost-cutting strategy.

"As with any project of this scope and one that impacts people, these are difficult decisions," Kellogg president John Bryant said. “We are very mindful of the impact these changes will have – particularly to our employees. As our employees and others would expect from Kellogg, we will help those who are impacted through their transitions."

In addition to the London cereal plant, a snack-making facility in Charmhaven, Australia is being closed.

In the same release, Kellogg announced it will expand a snack and cereal factory in Rayong, Thailand by early 2015.

Last month Kellogg had announced a 20 per cent reduction in staffing at the London plant. After those cuts, there were about 500 remaining workers there.