BUSINESS BRIEFING / FOOD
TIMES WIRE REPORTS
Smithfield Foods Inc. said it planned to cut 1,800 jobs and close six factories as part of a restructuring that comes amid an overall slump in the meat industry.
The company plans to combine seven of its independent operating companies into three main units and close plants in six cities, including one in its hometown of Smithfield, Va., by December.
The meat industry is slumping as companies such as Smithfield recover from volatile energy and commodity costs that reached record highs over the summer.