Mondelez International Inc.’s Canadian division reports it will close one of its bakeries in Toronto in the third quarter of 2013. Mondelez is the snack business that remained after Kraft Foods Inc. spun off its North American grocery business into Kraft Foods Group Inc in October.

Operating since 1948, the bakery produces cookies and crackers and employs about 550 people. The company says it will shift some production to facilities in Toronto and Montreal.

Mondelez, which sells Oreo cookies and Cadbury chocolates, reportedly derives 44% of its revenue from developing countries, including Brazil, Russia, India and China.