NEW YORK - Chicken producer Pilgrim's Pride Corp (PPC.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it plans to consolidate some facilities, resulting in the loss of 634 jobs, and its shares fell 3.4 percent.
Pilgrim's Pride said it plans to shut down the tray-pack chicken business at its facility in El Dorado, Arkansas, and transfer that business to six other plants.
The move will result in the loss of 600 jobs, or about half the El Dorado plant's work force.
Pilgrim's Pride also said it plans to close its distribution center in El Paso, Texas, within the next 60 days, resulting in the loss of 34 jobs.
The company said it does not expect to incur any material financial charges related to the closures.
Pilgrim's pride shares were down 48 cents at $13.47 on the New York Stock Exchange.
(Reporting by Martinne Geller, editing by Gerald E. McCormick and Dave Zimmerman)
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