Demand for meat and animal feed in China, the world’s biggest pork producer and consumer, has been cut by the financial crisis as rural residents reduce protein consumption to save money, said Sichuan New Hope Group.
China Meat, Feed Demand Cut by Crisis, New Hope Says
Pilgrim’s Pride Corp. said Friday it will cut 3,000 jobs as it shuts down operations at three of its 32 chicken processing plants, including one in Arkansas. The closures, which will reduce the company’s chicken production by roughly 10 percent, are designed to save the company $110 million a year as part of an ongoing restructuring. The company filed for Chapter 11 protection in December under a heavy debt load. The company expects the closures to cost $35 million, not including asset write-downs it may take in the second quarter.
