Dr. Oetker is closing its frozen pizza plant in Grand Falls at the end of May.
The company is blaming the "increasingly challenging" retail food climate for the closure of the leased plant in northwestern New Brunswick.
A company spokesperson calls it a "difficult day" for the affected workers and says their main objective will be to help them in this transition.
Employees will receive a severance package in addition to employment counseling, resume support and career planning help.
The company says it will also create a $4-million community fund to help with job retraining and economic development.
Dr. Oetker says about 70 per cent of the manufacturing will transition to its facility in London, Ontario, while the rest will move to its plant in New Jersey.