CHICAGO (Reuters) -Smithfield Foods said it will end contracts with 26 hog farms in the U.S. state of Utah, in the latest contraction by the world's largest pork processor in the face of an industry oversupply. Pork producers have been losing money as pig prices and consumer demand have struggled at a time of high costs for labor and other expenses. Smithfield, owned by Hong Kong's WH Group, said it will terminate employees who support its dealings with farms that raise hogs under production contracts.
Tyson Foods' (TSN) new production facility in Danville, VA, marks its most automated plant to date. It is likely to help the company serve the rising demand for its brand products.
(Bloomberg) -- For all the challenges faced by the global meat industry over the past year, Tyson Foods Inc.’s top boss is candid about his company’s underperformance as he pushes a revival. Most Read from BloombergSaudi Arabia Offers Iran Investment to Blunt Gaza WarCharlie Munger, Who Helped Buffett Build Berkshire, Dies at 99Henry Kissinger, Secretary of State in 1970s Crises, Dies at 100These Are the World's Most Expensive Cities to Live In Right NowBill Ackman Bets Fed Will Cut Interest Rat