US: More layoffs at Pilgrim’s Pride
US chicken processor Pilgrim's Pride has confirmed that it will cut another 100 jobs at its plant located in El Dorado, Arkansas.
The cuts are being made in addition to 600 job losses previously announced at the plant.
A spokesperson for the company told just-food that the cutbacks were being made to restore profitability.
"As we see margins being hit by the exceptionally difficult market conditions we are currently facing, savings need to be made elsewhere," the spokesperson said.
The US poultry industry is facing high input costs as the price of corn and other commodities soars, while chicken prices have fallen due to oversupply.
Poultry firms have been cutting production to drive up prices and cut operational losses. Pilgrim's Pride said that it believes these actions would restore market equilibrium.
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