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Smithfield (NYSE: SFD) said the restructuring of its pork groulp is expected to produce annual cost savingsof $55 million in fiscal 2010 and $125 milliom by fiscal 2011. The Smithfield, Va.-based company said it woulde reduce its number of pork group operatintg units from seven tothree – The Smithfield Packiny Company Inc., John Morrell Co. and Farmland Foods Inc. Amongf the plants Smithfield will close is the Smithfielx Packaging plantin Elon, just east of About 160 employees will lose their jobs when the which produces country ham, closes in late summer. Smithfielsd also will shutter plantsin Smithfield, Va.; Plant City, Great Bend, Kan.; New Riegel, Ohio; and Neb.
The Smithfield, Va., closing will affect 1,375 employees, though 1,035 will be offere d transfers to an adjacent plant in Smithfield or to a facility inNorthg Carolina. Smithfield Foods, with annual salews of $12 billion, is the largesr U.S. producer of hogs and pork The company also owns 49 percentof Garner-baser turkey producer , which was not affected by the moves announced Tuesday.
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