SMITHFIELD LAYOFFs: to fire 1800 employees, close 6 factories

Smithfield Foods Layoffs News
Smithfield Foods Inc. has made an announcement saying that it will layoff around 1800 jobs and close 6 of its 40 processing plants as part of its restructuring program. The closure of six factories will affect around 3.4% of its total workforce or 3000 employees. However not all 3000 employees will be fired - some willbe relocated as part of the restructuring that will eliminate four independent operating companies.

Smithfield Foods Layoff NewsSmithfield is the world's largest pork producer by revenue. Smithfield accounts for around a third of the US processed pork market.

Reasons for Smithfield Layoffs announcement, Smithfields redundancies
The restructuring announced by Smithfields is expected to translate into a saving of $55 million in fiscal year 2010 and $125 million by 2011. In addition to being hit by loss making hedges, Smithfield foods is hit by consumers switching to white-lable offerings from branded products. In addition, exports are expected to slow amid weakening economic growth and a possible strengthening of U.S. dollar.
source: WSJ, AP

Feb 18, 2009


iinvestor February 21, 2009 at 1:37 AM  

Here are some links of previous job layoffs.
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Theresa March 13, 2009 at 8:42 AM  

Fat lot of freaking good $33.00 a month is going to do my family of six. Whooptie-do, we an take ourselves out to McDonalds once a month. Or a lump sum of $800 in my case as tax exempt income in 2009? Again, what good does that do now? I don't understand these idiots, bail out huge corporations ho they supposedly oppose, but lets not bail out the average citizen they claim to represent. Personally I think that an average common-sensed person could run this country better! How does going into more debt help our economy in the long run? It would be like me saying, "Gee, I lost my job! Lets run out and spend a bunch of money on my credit cards!" Oh well, what do I know? I'm just a stay at home mom.

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