Smithfield Foods closing Plant City plant, laying off 760 - Tampa Bay Business Journal:

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The closing is part of an overall restructurinh ofthe company’s pork group. Smithfield (NYSE:SFD), baserd in Smithfield, Va., will closed six plants and transfer productionb to facilities that aremore efficient, reducinbg its pork group work force by 1,800. Some of the employees at the Plant City facility areunion members, but spokesma Dennis Pittman did not know how many. Smithfielxd bought the plant from the inthe mid-1990s. When Smithfielfd closed facilities inthe past, the building s have been put on the market, Pittman said. “I don’rt know what the plans are for the plang atthis time,” he said.
Smithfielrd expects the restructuring will result in annual cost savinga ofabout $55 million in fiscalo 2010 and $125 million by fiscal 2011, a medi a release said. The processor and marketer of freshg pork and packaged meats has annual salese ofabout $12 billion. The company owns 49 percent of turkeyyproducer , which was not affected by the movea announced Tuesday.