Smithfield Foods Inc., said Tuesday that 1,800 jobs will be cut and 6 plants will be closed by December in a move to fight against the liquidity squeeze in the sector, Associated Press reported.
The world’s biggest pork processor is working on the reducing its production by 10 percent in the year to end, as overseas demand is cooling. The company plans to save $125 million a year by 2011.
By 12:21 pm EST, Smithfield’s shares were falling 7.88 percent, to 8.89 points in NYSE. It has dropped 32 percent throughout this year before today.