Smithfield Foods To Close Plant, Cut 425 Jobs
SMITHFIELD, Va. -- Meat producer Smithfield Foods Inc. is closing its Portsmouth, Va., plant and cutting 425 jobs as it shifts production to a plant in North Carolina.
The Portsmouth plant, which produces hot dogs and lunch meat, will close in 2013. Production will be shifted to a plant in Kinston, N.C.
The jobs that will be cut are both hourly and salaried.
Meat producers are facing high feed costs. Smithfield foods net income rose in its most recent quarter, but the company expects high food costs to persist for the balance of the year.