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News Summary: Smithfield Foods lays off 120 more

The Associated Press

COLD CUTS: Smithfield Foods Inc. said Tuesday that it is laying off 120 more workers as part of its previously announced closure of a Virginia facility that makes hot dogs and deli meat. The Smithfield, Va.-based pork producer plans to close the Portsmouth plant in the middle of August, according to Smithfield executive Jeff Gough.

TAKEOVER: The closing comes amid the company's pending $4.72 billion takeover by China's largest meat producer under a deal struck last month with Shuanghui International Holdings Ltd.

THE PLANS: Smithfield Foods announced plans in 2011 to close the Virginia plant and shift production to a facility in Kinston, N.C. It said the 1970's-era plant cannot support needed manufacturing technology changes and product development.