Smithfield Foods closing some Missouri hog production operations

WH

07/08/2023 20:52

By P.J. Huffstutter
       CHICAGO, Aug 7 (Reuters) - Smithfield Foods Inc, the
world's biggest pork processor, will close some of its
operations and lay off 92 workers in northwestern Missouri this
fall, according to the state's Worker Adjustment and Retraining
Notification Act (WARN) data.
    The layoffs are "specific to our Missouri hog production
(farm) operations," a Smithfield  SFII.UL  spokesperson said in
an email.
    The layoffs are slated for Oct. 8, according to the data.
The notice was received by the state on Friday.
    Smithfield is owned by Hong Kong's WH Group  0288.HK .
    The U.S. meat industry has struggled with declining profits
and reduced demand from consumers squeezed by inflation and
higher interest rates. Amid spiraling feed and labor costs, meat
companies have struggled to predict demand for their products.
    Neither Smithfield nor the WARN data identified which
specific facilities are impacted in Lucerne, Princeton and
Newtown, Missouri. Smithfield has sow farms located in northern
and northwest Missouri.
    News of the Smithfield layoffs come as Tyson Foods said it
is shutting four more chicken plants - in Arkansas, Indiana and
Missouri - to cut costs, a blow to small communities in the U.S.
heartland that depend on the meatpacker for nearly 3,000 jobs.
    Tyson also said that average prices for its pork fell by
16.4% in the quarter that ended on July 1, while pork sales
volumes dropped 1.8%.

 (Reporting By P.J. Huffstutter in Chicago; Additional reporting
by Tom Polansek; Editing by Andrea Ricci)
 ((pj.huffstutter@thomsonreuters.com; 313-484-5275 (w); On X @ https://twitter.com/pjhuffstutter
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