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Sadia to Reduce Work Force
BRAZIL - Brazilian meat processing giant, Sadia, is cutting jobs.Meatingplace reports that meat processor, Sadia S.A., based in Santa Catarina state, will cut 350 administrative jobs.
Company chairman, Luiz Furlan, gave the news to local financial newspaper, Valor Economico in an interview. The cuts will save about $18 million a year.
Sadia, one of Brazil's largest meat processors and an international player in beef, pork, chicken and turkey, suffered large losses on foreign exchange futures positions last year when the US dollar appreciated against the Brazilian real.
Analysts are expecting the company to report its first annual net loss in 2008, according to Dow Jones.
The company's strategic focus has moved increasingly towards internationalization and producing and distributing processed frozen and chilled foods. Its web site reports exports close to 1,000 items to more than 100 countries, according to Meatingplace.
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