The company said it would close a processing plant in
Siler City, N.C., affecting 830 employees. It will also close distribution
centres in Oskaloosa, Iowa; Plant City and Pompano Beach, Fla.; Jackson, Miss.;
Nashville, Tenn.; and Cincinnati. Chief executive officer Clint Rivers said at
current prices, Pilgrim's Pride would spend $1.3-billion (U.S.) more on corn and
soybean used in feed during this fiscal year than it did two years ago.
Mr. Rivers said the increases were unprecedented, and he blamed federal subsidies to producers of corn-based ethanol, which has resulted in more corn being planted for use in fuel.
Related website:
Pilgrim's Pride
Subscribe here to the newsletter, free and easy!
(Source: AP)
Mr. Rivers said the increases were unprecedented, and he blamed federal subsidies to producers of corn-based ethanol, which has resulted in more corn being planted for use in fuel.
Related website:
Pilgrim's Pride
Subscribe here to the newsletter, free and easy!
(Source: AP)
Mail a friend
Print
