The news affects 180 people in Princeville, east of Montreal, who have been out of work since two processing facilities burned late the night of May 6 when only a security guard was working.
No one was injured. One of the two plants has been torn down and the second will be shortly, the company said in a release.
Olymel said it had 162 open job positions at nine other facilities in Quebec and would cover moving expenses for jobless Princeville workers who wish to relocate until Dec. 31.
The company didn't say how many employees had accepted relocation so far.
The release said the decision not to rebuild was made reluctantly, but cited lower demand for bacon, higher prices for pork and competition from the United States, where operating costs are lower.
The company employs more than 10,000 people in Quebec, Ontario and Alberta.