Berkshire Hathaway News
Derek Friesen thought he would be following in his father's footsteps when he became the third generation of his family to work at H.J. Heinz Co.'s tomato processing plant in his hometown of Leamington, Ontario. That plan ended six months into his job, when Warren Buffett's Berkshire Hathaway Inc. (BRK/B) and 3G Capital Inc., the ketchup maker's new owners, announced in November the 105-year-old plant would close. Local investors have stepped in with a plan to keep part of the plant running, which could save 250 of 700 jobs in the city known as Canada's tomato capital. The job cuts have come despite a pick-up in global growth and a 13 percent drop in the Canadian dollar since September 2012, raising concern that Canadian factories will struggle to compete with plants in China, Mexico, and even the U.S., where the much-touted manufacturing renaissance has been fueled by declines in real wages and two-tier pay scales that mean less money for new employees.