AUSTIN, Minn. (AP) — Food Processor Hormel Foods Corp. said Tuesday that it will close its plant in Turlock, Calif., later this year, eliminating 163 jobs.
The plant, which produces its Valley Fresh canned meats, will close by Oct. 29. Hormel is moving production to another facility, which it said will improve purchasing and distribution.
Employees will receive severance pay and may have the opportunity to work at one of four other Hormel facilities in California, the company said.
Hormel expects to take a one-time charge of approximately 5 cents per share in the second quarter related to the closure.
Shares of Hormel, based in Austin, Minn., fell 8 cents to close at $41.74.
