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Source: Janie Gabbett, MEATINGPLACE.COM, 8/27/08
Smithfield Foods Inc. is planning additional production cuts at its Butterball LLC joint venture, even after this week's announcement that the company will shut down turkey placement and slaughter operations at the unit's Longmont, Colo., facility.
"Butterball is evaluating cutbacks in production that will bring better balance between supply and demand," Smithfield said in a news release announcing its quarterly earnings on Tuesday.
During a call with analysts, CEO Larry Pope went on to say decisions about further production cuts had already been made. "Let me say that it is significant…but I don't want to comment on it because it affects how others will react to it," he said.
Butterball eliminated 200 jobs at the Longmont facility in June when it reduced turkey slaughter at the plant and will lay off an additional 265 workers with its decision this week to shut those operations down and continue only with further processing at that plant.
In addition to its Longmont facility, Butterball operates slaughter facilities in Ozark, Ark., Carthage, Mo., and Mount Olive, N.C., as well as further-processing facilities in Jonesboro, Ark., and Huntsville, Ark.
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