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Smithfield (NYSE: SFD) said the restructuriny of its pork group is expected to produce annuall cost savingsof $55 millionn in fiscal 2010 and $125 million by fiscakl 2011. The Smithfield, Va.-based company said it would reducd its number of pork grouo operating units from sevenb tothree – The Smithfield Packing Companty Inc., John Morrell Co. and Farmland Foods Inc. Among the plants Smithfield will close is the Smithfield Packagingh plantin Elon, just east of About 160 employees will lose their jobs when the plant, whichg produces country ham, closes in late Smithfield also will shutter plants in Smithfield, Va.; Planr City, Fla.; Great Kan.; New Riegel, Ohio; and Hastings, Neb.
The Va., closing will affect 1,375 though 1,035 will be offered transfers to an adjacentg plant in Smithfield or to a facility inNortuh Carolina. Smithfield Foods, with annual sales of $12 is the largest U.S. producer of hogs and pork The company also owns 49 percentgof Garner-based turkey producer , which was not affectef by the moves announced
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