Pilgrim's Pride To Cut Production

PITTSBURGH, Texas (AP) -- Pilgrim's Pride Corp. plans to reduce chicken processing by about 5 percent in the next six months to cut costs amid higher feed prices, the company said Monday.

 

Pilgrim's Pride, the largest chicken processor in the country, said the rising costs of the corn and soybean meal it uses for feed led to the move.

 

''Soaring feed-ingredient costs fueled by the federal government's misguided ethanol policy has created a crisis in our industry,'' Chief Executive Clint Rivers said in a statement.

 

The company did not specify anticipated cost savings or reduced revenue from less output. It said the output reduction will include the lost output from the plant in Siler City, N.C., that is closing in June.