02/03/2015 03:37 EST | Updated 04/05/2015 05:59 EDT

Wrigley Canada to close Toronto gum factory

Wrigley Canada announced Tuesday it will close its gum factory in Toronto, a move that will result in the loss of about 380 jobs.

A statement issued by the company says the factory will close in March 2016.

"Despite recent improvements in the gum category and increased productivity in our supply chain network, it has not been enough to offset declines in the gum category over recent years," reads the statement.

"We will continue to operate a Wrigley Canada head office and invest in our Canadian business, including Excel, Canada’s number one gum brand."

The statement said the company will move the Toronto production to a facility in Gainesville, Ga.

The statement thanked employees for "their outstanding service" and said they will be offered a lengthy period of working notice, severance packages and career transition support.