Pilgrim's Pride Cutting 1,100 Jobs, Blames Ethanol |
| CNNMoney.com - Mar 12, 2008 |
Pilgrim's Pride Corp. (PPC) said it will cut 1,100 jobs from closing a complex and six of its 13 distribution centers as the world's largest chicken processor struggles with the continued surge in feed costs.
The company, which blamed corn-based ethanol production for the feed-cost increase, said the retrenchment is "part of a plan to curtail losses amid record-high costs for corn, soybean meal and other feed ingredients and an oversupply of chicken" in the U.S.
The moves are slated to be completed by June. It added that other production facilities are being reviewed for possible product changes, closure and/or consolidation.
Closing is the processing complex in Siler City, N.C., which employs about 830 people, as well as distribution centers in five other states. The closures are projected to result in charges of about 33 cents a share.
Read Full Article from CNNMoney.com
- Posted: 2008-03-12 10:16:32
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